February 13, 2008
Ulaanbaatar, Mongolia – Mongolia International Capital Corporation (MICC) is pleased to announce the placement of the Mongolia Mining Index on Bloomberg. The Mongolia Mining Index (MMI) was started in August 2005 by MICC analysts to measure stock performance of NYSE, TSX, and TSX-V-listed mining companies that are active in Mongolia. Currently the MMI is comprised of 19 mining and exploration companies including Ivanhoe Mines, Centerra Gold, Western Prospector, South Gobi Energy Resources, Erdene Gold, etc. The companies with higher market capitalization and more substantive operations in Mongolia weigh more heavily in the MMI composite.
Starting from February 2008, Mongolia Energy Corporation (MEC) has been officially added to the Mining Index. MEC is a Hong Kong listed company with a US$ 2.2 billion market capitalization. Currently MEC is focused on coal as well as oil and gas exploration in Mongolia.
Most of the MMI companies have invested significant capital over the years in order to establish their businesses in Mongolia. Among index-component companies, Centerra Gold is currently the sole international company in its production phase. Ivanhoe Mines is the developer of the Oyu Tolgoi deposit, one of the world's largest undeveloped copper-gold resources and is waiting for parliament approval on their investment agreement to commence mining operations.
Since December 10th, daily performance of the MMI and weekly research related to the Index is available to all Bloomberg users under the ticker MIC.