Wednesday, 22 Jun 2011
Bloomberg reported that Mongolia Energy Corp a mineral and energy explorer advanced the most in more than two years in Hong Kong trading after announcing a 5.4% increase in its coal deposits.
The shares rose 27% to HKD 1.18, the biggest gain since May 20 2009. That compares with the 1.2% increase in the benchmark Hang Seng Index.
The energy explorer which operates in Mongolia and China western Xinjiang province said in a statement dated June 17 that coal resources rose to 141,456 metric tons as of last month from 134,170 tons in June 2008.
Mongolia Energy said on June 1 that it may report a loss for the year ended March 31 because of increased staffing, financing costs and losses from trading investments. The energy explorer reported a loss of HKD 317 million in the previous year. (sourced from Bloomberg
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