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Gold/Mining/Energy : Mongolia Gold Resources

MGR 21.50

+0.3%

Nov 26 3:59 PM EST

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To: Phil Jones who wrote (1919)	3/25/1998 7:59:00 PM
From: Dave R. Webb	Read Replies (2) of 4066

Phil, what Mongolia law requires 51% Mongolian participation? Such a law doesn't exist. Mongolia has one of the more liberal foreign investment laws around. Foreign control is permitted to 100% on almost all investments. It is one of the few countries that has zero customs and duties on imports of most goods. It has specific constitutional provisions against expropriation. In short, it is wide open for business, all all investors are treated equally before the law. The sale of MAC's interest is subject to MGR's first right of refusal. The groups that have looked at Bumbat include at least 1 Australian, 1 Mongolian, and 1 Canadian firm. MGR may exercise their first right of refusal, but will not overpay for the asset. There is certainly some value in a 100%-owned property, and significant cost savings could be had with reduced duplication of management, however, we will not become Mongolian by doing so. Dave

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