Origo Partners Investee Moly World Has Mining Licence Cancelled

LONDON (Alliance News) - Shares in Origo Partners PLC fell Thursday as it as the subsidiary on an investee has had its mining licence cancelled in Mongolia.

Origo shares were trading at USD0.25 on Thursday, down 12%.

Origo said Mongol Resource Corp, a subsidiary of its investee Moly World, received notification from Mongolia's Mineral Resource Authority purporting to cancel the licence issued nine months ago.

Moly World, Origo added, is seeking legal counsel to protect its rights.

The company said it believes the action has impaired the value of its investment in Moly World, which on its most recent valuation was USD3.9 million.

By George Collard; georgecollard@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

Source:Alliance News
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