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Lender moves to wind up Mongolian Mining

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Lender moves to wind up Mongolian Mining

The Singapore branch of BNP Paribas has applied for windingup Mongolian MiningCorp. and for the appointment of joint official liquidators to theminer, according to a July 11 statement.

BNP Paribas' Singapore branch is one of Mongolian Mining'screditors, and the bank's application to the Grand Court of the Cayman Islandsfollows the miner's recent announcement that it has of noteholders forits proposed restructure of US$600.0 million worth of debt.

The bank, along with the Hong Kong branch of BNP Paribas andthe Industrial and Commercial Bank of China Ltd., signed a facilities agreementwith Mongolian Mining in March 2014.

Mongolian Mining said it has not yet received any officialnotice regarding the wind up application.

Company shares were down 18.46% on the Hong Kong StockExchange at July 11 trading close.