Origo takes 21 per cent stake in Asian mining company

Origo Sino-India and Origo Resource Partners have taken a 21 per cent stake in Asian mining company Gobi Coal and Energy for a total of $15m. Origo Sino-India invested $4.5m for a 6.4 per cent stake, and Origo Resource invested $10.5m for a 14.9 per cent share. Upon completion of the deal, OSI and ORP’s combined shareholding will be the largest equity stake in Gobi.

A privately-owned coal company headquartered in Ulaanbaatar, Mongolia, Gobi holds significant coal resources in Mongolia, leaving it well positioned to capitalise on growing demands from China.

The company owns two coking and thermal coal deposits approximately 133km apart from each other in the south-western Bayanhongor region of Mongolia. The company says that it is planning to ramp up production at those facilities, pending sufficient financing. The company posted an operating loss of $5.7m for the year ended 31 December 2008.

Chris Rynning, CEO of OSI and executive director of ORP, said, “I am delighted we have been able to identify and complete the investment in Gobi, a company which we believe will become a significant provider of high quality coal to China. We look forward to providing Gobi with the support they need to capture the significant China-based growth opportunities available to them.”

OSI and ORP are to merge within the next two weeks.

Copyright © 2009 AltAssets

Source:www.altassets.com
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