Mongolian Mining Drops to Record Low on Investment Rule Concerns
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Mongolian Mining Corp., the nation’s biggest coking coal exporter, slumped to a record low on speculation investment rules will be tightened after this week’s parliamentary elections.
The Hong Kong-listed coal producer fell 3.1 percent to HK$4.70 at the close, the lowest since the shares started trading in October 2010. Modun Resources Ltd., an Australian company that’s developing a thermal coal project in Mongolia, fell 6.7 percent in Sydney and Xanadu Mines Ltd. dropped 4.9 percent. SouthGobi Resources Ltd. fell 1.23% in Hong Kong.