Mongolian Mining Seeks Debt Extension Amid Coal Price Slump
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Mongolian Mining Corp. is looking to extend the maturity of a note due today as expanding supplies of coking coal push prices to record lows.
“It’s still not finalized but definitely we will not be paying on the current maturity date,” Chief Executive Battsengel Gotov said, speaking on March 28 about a promissory note issued to QGX Holdings Ltd. in November 2012. “They understand our position and we’re telling them that ‘OK, one day we’ll pay but maybe not today.’”