CGE Participated In Joint Venture Agreement Underground Coal Gasification In Mongolia
November 6th, 2009
Project underground coal gasification in Mongolia will be undertaken by a joint venture company. The project will explore coal 1.8 billion tons of coal deposits in Mongolia. Companies that participate in coal gasification projects, among others: Yusenjiayu Beijing Environmental Protection Technology, Inner Mongolia, Xin Gu Goldbridge Mining and Energy Clean Tech.
The JV plans to make capital-raising activities for projects in the Hong Kong Stock Exchange not less than $ 120m and debt financing is not more than $ 280m.
CGE is a mining company that will join the joint venture underground coal gasification in Mongolia. CGE will design, operate and manage the UCG plant.
Before the list, beginning $ 1m fund to be donated by the JV partners in proportion to each party shareholder. CGE had to chip in $ 350,000, which will be funded from existing cash reserves.
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