United Mining Plc
United Mining Plc announce first acquisition of iron ore producing mine in Mongolia
United Mining Plc / Key word(s): Acquisition 14.12.2011 / 16:50 --------------------------------------------------------------------- United Mining announce first acquisition of iron ore producing mine in Mongolia Today the board of United Mining plc approved the acquisition of 25 per cent of the capital stock of each of KazmonKontakt LLC (Kazmon) and MGMK LLC (MGMK) from DirektFinanz AG, in consideration of the issue by the Company of new shares. In addition to the acquisition of stock, under the agreements, United Mining plc has the management control and the board control of the operating company Kazmon and the mining license holding company MGMK. United Mining plc issued 62,000,000 new ordinary shares in the capital of the Company to DirektFinanz AG as consideration for the transfer of shares in Kazmon and MGMK. United Mining plc plans to invest in the operating company to increase both the quantity and quality of the production and to reduce operating costs. Kazmon already has a non-exclusive contract with one of the largest commodities trading firms worldwide,. United Mining plc will ensure the maximum capacity of the mine is sold to China or other major trading companies. The big advantage of the Bor Tolgoi site is the infrastructures, with the main railway to China just 43 kilometres away. United Mining plc intends to continue to seek more high quality iron ore and other commodities projects in Mongolia and worldwide. Acquisitions that clearly upgrade and/or complement the Company's portfolio will be targeted. In addition to strategically located iron ore assets, the Company will also pursue a number of p omising opportunities in Asia, Africa and South America Contact: Mr Gregory Samuel United Mining plc Telephone Number: +44 20 3326 5825 Email Address: gsamuel@unitedminingplc.com End of Corporate News --------------------------------------------------------------------- 14.12.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 149789 14.12.2011
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found