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Mining News

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.

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“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.”

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