MONGOLIA-focused resources company, Tian Poh Resources Ltd has lodged a prospectus with the Australian Securities & Investment Commission (ASIC) for the initial public offering (IPO) of its shares, ahead of a planned listing on the Australian Securities Exchange (ASX). A successful IPO will enable the company to fast-track development of the Huabei Kuangye Coal Project in southern Mongolia.
The prospectus was lodged on August 12, the offer was due to open on August 20 and the closing date of the offer is scheduled for September 15. Tian Poh expects the shares to be allotted on September 17 and the opening listing date to be September 24.
Tian Poh has an enviable land position with 10 projects spanning 125,000 hectares located in the same world-class minerals province that hosts two of the world's top 10 largest mineral deposits, Oyu Tolgoi and Tavan Tolgoi.
The company's most advanced asset is the Huabei Kuangye coal deposit, which already has a 30-year mining licence and is adjacent to the Shinejinst coking coal mine, which has 95 million tonnes in reserves out of a 229 million tonne resource. It is ideally located less than 300km to the Chinese border and along the government-planned rail line.
Tian Poh's CEO Poh Kay Ping says the company is well positioned to benefit from the Mongolian Government's recent pro-mining and development policies. "Tian Poh has a high quality portfolio of mineral assets, located on the doorstep of the world's biggest consumer in China, and near to planned or existing infrastructure.
"Our strategy is to generate early cashflow through bringing Huabei Kuangye to production, so as to fund advancement of our other coal, gold and copper assets.
"We believe the timing for new shareholders is favourable given Mongolia's shift towards attracting and maintaining foreign investment and its pro-mining initiatives.
"We are focused on building the next diversified resources company in Mongolia and believe that our clear pathway to early production, in-country management team, and pipeline of exciting and highly prospective assets will set the company up for prolonged growth going forward."
Poh Kay Ping is the entrepreneur behind diversified Singapore private investment company, POH Group, which has a track record of successfully completing a US$430 million phosphate beneficiation plant EPC project in Saudi Arabia through its joint venture with a Chinese state-owned enterprise. He is also a non-executive director of Singapore Stock Exchange mainboard listed Poh Tiong Choon Logistics, one of the oldest logistics companies in Singapore having been established in 1950. He has twice been awarded commendations by the President of the Republic of Singapore and carries the titles PBM and BBM.