Mongolian Mining Corp. (MOGLF)

[mhsg]

Current market cap on HK is $195m v 2017 EBITDA of $175m (excludes restructuring gains). Coal prices remain strong. How much worse can exports deteriorate given the border issues? Ignore the rail at this point, if they (Govt of Mongol) could just fix the border issues/relations, volumes could increase more than 50%. Suspect the PM visit to China will result in usual bunch of bs MOU's. Cannot see anyone committing TT/rail as political suicide - just look what is happening to those that allowed OT - economic benefits and progress are meaningless to politicians. Suspect Q1 operational numbers due out over the next week will not be great with ongoing border issues compounded with winter, CNY, Tsagaan Tsar etc. This could be a factor in price weakness. Its approaching a year since restructuring close - maybe some creditors held waiting for full year results and have now lost patience and running for the exit.