mongolian coal action

An interesting deal has recently been done on the Baruun Naran coal project located 25km SW of the huge Tavan Tolgoi project in S. Mongolia. The participants were Mongolian Mining Corp (MMC) and QGX, a division of Kerry Hldgs, a HK-based conglomerate. MMC (owner of the Tavan Tolgoi project) is paying approx US$464m with an escalation clause if resource continues to grow through further exploration. Consists of multiple seams of high quality met coal as well as some thermal. The deposit currently measures around 253MT (measured & indicated) with a further 193MT resource. There's quite a bit of info on the web about both project and sale, eg:

http://www.businessweek.com/news/2011-06-01/mongolian-mining-to-buy-kerry-s-coal-mine-for-464-5-million.html

QGX looks like the kind of operation that might have done the deal with CEO on the Sthn leases. Here's a brief profile of them:

QGX, Ltd. engages in the acquisition, exploration, and development of resource properties in Mongolia. It holds interests in 35 mineral exploration licenses covering approximately 3,953 square kilometers in Mongolia. The company owns a 100% interest in the Baruun Naran coal project totaling 953 square kilometers, which is located in southern Mongolia; and 80% interest in the Golden Hills copper-gold-silver project located in northwestern Mongolia. It also has a 10% carried interest in the Kharmagtai exploration license and a 20% carried interest in an exploration license called Ovoot Hyar, which are situated in Mongolia. The company was formerly known as Quincunx Gold Exploration Ltd. and changed its name to QGX, Ltd. in August 2002. The company was founded in 1994 and is headquartered in Waterdown, Canada. As of September 15, 2008, QGX, Ltd. operates as a subsidiary of Kerry Holdings Limited and MCS Holding LLC.