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Mongolia|business|April 29, 2016 / 02:43 PM
Mongolian Mining in restructuring talks after bond default

AKIPRESS.COM - experts-meet-analysis Mongolian Mining Corp said it is continuing discussions with bondholders to restructure its bonds on which it missed a coupon payment last month, according to Reuters.

The troubled mining company owes a $26.6-million coupon on its $600 million 8.875 percent bonds due 2017, which was payable on March 29. The 30-day grace period expires on Friday.

The company, which is grappling with decade-low coking coal prices, said none of its bondholders had sent any notice demanding immediate repayment of their dues yet.

The bonds have traded at the extremely stressed levels of 15-20 cents on the dollar since January. Its shares were flat at HK$0.069 on Friday.

The Mongolia-based company owns and operates two open-pit hard coking coal mines in the country's Southern Gobi province.

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