(Infocast News) Mongolia Energy Corporation (00276) (MEC) says that it is finalizing the contract negotiations following conclusion of contractors' bidding for the upgrading, including related construction, of the Khushuut Road, and expect an announcement to be made shortly in this regard.
Last month, MEC said it was at an advanced stage of discussions on forming two joint ventures respectively with Xinjiang Coalfield and Geology Bureau and its Team 156, and China Coal Geology Bureau, Exploration Team 129 relating to a combined targeted coal resources of 2 billion tonnes (1 billion tonnes each), in Kemusuite area of Fuyun County, Xinjiang, the PRC.
MEC's stake is to be 20% under each of the joint ventures. The geological bureaux will also hold 20% stake in the joint ventures. Xinjiang Kaiyue Yuan, a company owned by Liu Cheng Lin, will hold the remaining 60%.