The final re-tender of Kincora Copper’s licences previously revoked by the Government of Mongolia concluded last week with no third party bids made. It is, therefore, expected that Kincora will shortly be provided the election to regain both licences which were previously held at a Can$7 million balance sheet value prior to the dispute.
Kincora’s president and CEO Sam Spring says it was the second and final tendering of the former two licences held by its wholly-owned Golden Grouse subsidiary that were revoked as part of the 106-licence dispute and resulted in a Can$6.952 million impairment in the company’s September 2013 financial statements, the vast majority of which was recognized as a credit by the Government of Mongolia in the concluded competitive tender process.
“Following due process and as specified in the competitive selection process, the said licences were tendered with no third party bids received. Following a final administrative review and process it is expected that the Mineral Resources Authority of Mongolia will provide Kincora the election to regain both licences as new with a full 12-year term.”
Sam Spring says that after a two-year period of uncertainty, the company looks forward to the final conclusion of the dispute with an equitable outcome.