Origo investee firm stripped of Mongolian mining licence

Origo Partners announced on Thursday that the Mongol Resource Corporation, a subsidiary of its investee company Moly World, has received a notification from the Mineral Resource Authority for Mongolia purporting to cancel the mining licence issued to MRC nine months ago.

The AIM-traded firm said Moly World was retaining counsel to protect its rights with respect to the mining license.

“Origo’s board believes that this governmental action has impaired the value of its investment in Moly World, which on Origo’s most recently published balance sheet was carried at $3.87m,” Origo’s board said in its statement.

“Further announcements will be made in due course.”