Sharyn Gol JSC (MSE: SHG) Announces the Commissioning of...
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SINGAPORE /PRNewswire/ -- Sharyn Gol JSC (MSE: SHG; "Sharyn Gol") is pleased to announce that it has successfully commissioned its new coal wash plant, which is located next to its producing coal mine inSharyn Gol city, Darkhan province. The plant, which has the capacity to wash 600,000 tons of raw coal per year, enables Sharyn Gol to produce an export grade coal, as well as a premium coal product for the domestic industrial market. The coal wash plant is Mongolia's second operating coal wash plant and the only coal wash plant that has the potential to supply the domestic market. The investment in the wash plant reflects Sharyn Gol's commitment to solutions for the production of environmentally friendly, value-added coal products.
Ribbon Cutting Ceremony at Operating Coal Wash Plant (Sharyn Gol JSC, Darkhan, Mongolia, June 17th, 2015) On the picture from right hand side: Mr. Batbaatar.B (CEO of Sharyn Gol JSC), Mr. Pavel Teremetsky (Senior Manager of EBRD), Mr.Nemehbayar.D ( Head of Heavy Industrial Policy Department, Ministry of Industry) Mr. Batmunkh.B (Chairman of Sharyn Gol JSC) , Mr.Nasanbat.S (Governor of Darkhan Uul Aimag), Mr.James Passin (Director of Sharyn Gol JSC and representative of Firebird Management LLC)
Execution of the MOU to Cooperate on the Export of Sharyn Gol JSC's Washed Coal to South Korea; Ikh Tenger Presidential Complex, Ulaanbaatar, Mongolia. June 19th, 2015; Sharyn Gol JSC represented by its CEO, B. Batbaatar; Mongol Sammok Logistics represented by it's CEO, Li Ruan Hei
Execution of the MOU to Cooperate on the Export of Sharyn Gol JSC's Washed Coal to South Korea; Ikh Tenger Presidential Complex, Ulaanbaatar, Mongolia. June 19th, 2015; President of Mongolia Ts.Elbegdorj and other esteemed Mongolian dignitaries witnessed the signing of the Memorandum of Understanding.Sharyn Gol's Chairman, Batmunkh B., stated, "We are delighted that Sharyn Gol's team has succeeded in beginning coal washing operations. This investment by Sharyn Gol is consistent with the Mongolian government's policy of encouraging Mongolian mining companies to invest in mineral processing technology. The wash plant opens a new chapter in the history of Sharyn Gol, which is celebrating its 50th year of operations."
Sharyn Gol is also pleased to announce that it has executed a Memorandum of Understanding with Mongol Sammok Logistics LLC, which is a joint venture between the Mongolian state and Sammok Shipping Company ofSouth Korea. The signing ceremony took place at the Mongol Business Summit that is being held at the Ikh Tenger Complex. President of Mongolia Ts.Elbegdorj and other esteemed Mongolian dignitaries witnessed the signing of the Memorandum of Understanding.
Under the terms of the agreement, both parties have agreed to cooperate to export Sharyn Gol's washed coal to the South Korean market. It is intended to transport the coal through Russia via rail to Rajin port in Rason Free Economic Zone, Democratic People's Republic of Korea ("North Korea"), after which it will be loaded onto a vessel and delivered into the South Korean market. The parties anticipate beginning with a 25,000 ton trial shipment and will expand the export operations after the successful completion of the trial shipment.
James Passin, Sharyn Gol Director and representative of Firebird Management, the New York-based investment fund that holds a controlling stake in Sharyn Gol, stated, "We are honored to play a role in pioneering a new export route for Mongolian mineral exporters. We believe that Sharyn Gol is well positioned to expand its coal washing and export capacity in the future."
Sharyn Gol JSC is located 215km north of Ulaanbaatar and 45km south east of the city of Darkhan on Mongolia's main national rail line, is a leading producer of high-grade thermal coal and sells to state-owned power stations, local cement factories as well as retail consumers. In 1993, the company was listed on MSE (MSE: SHG) and was fully privatized in 2003.
For more information, contact:
Mrs. Otgonzul Baatar
E-mail: [email protected]Photo - http://photos.prnasia.com/prnh/20150624/8521504169-a
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