Khan Resources Inc.
From Mongol Studies Online Reference
| Khan Resources Inc. | |
|---|---|
| Abbreviation | KRI |
| Type | Corporation |
| Purpose/focus | Uranium Exploration and Mining |
| Headquarters | Toronto, Canada |
| Location | Toronto, Ulaanbaatar |
| CEO Executive Director and Country Manager |
Martin Quick Enkhbayar Ochirbal |
| Website | khanresources.com |
Khan Resources Inc. is a Canadian based mining exploration company, with projects focused mainly in Mongolia's Dornod Aimag. Khan currently owns licenses to the Dornod Uranium project as well as the Additional Dornod Property. In 2007, the company disposed of its gold investments in the Zaamar gold field to focus on the Dornod properties.
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[edit] Corporate History
Khan Resources Inc. was established in 2002, with a focus on acquiring low cost properties with high value resources in Mongolia. Khan Resources subsequently acquired the Dornod properties from the Mongolian government, through its subsidiary Central Asia Uranium Holding Corporation. KRI has a 58% interest in the main Dornod property and a 100% interest in the additional Dornod property. Both properties had significant previous investment In 2008, KRI made an unsucessful bid to takeover a fellow Canadian mining outfit with a presence in Mongolia, Western Prospector Inc., but was outbid by Tinpo Holdings Company. Eventually Western Prospector was taken over by CNNC a subsidiary of Chinese state-owned company SinoU. [1] In October of 2008, Khan Resources signed a letter of intent with Marubeni Corporation to cooperate in the exploration and development of the Dornod project. In the summer of 2009, Khan Resources licenses to the Dornod properties were suspended due to violations of Mongolian law and have yet to be reinstated. [2]
[edit] Corporate Structure
Peter Quick is President and CEO of Khan Resources. James Doak is Director and Chairman of the Board and the Country Director is Enkhbayar Ochirbal. [3]
[edit] Current Projects
On July 17, 2009 Khan Resources Inc. received reports that Mongolia's government was planning to pass a Nuclear Energy Law which would give the government the right to own 51% of any strategic natural resources project in Mongolia. While encouraging Mongolia's efforts to establish a codified legal presence over its mining industry, Khan Resources lodged an official inquiry into what this meant for their project in Dornod. [4]
On August 25,2009 Rosatom, the Russian state nuclear energy company, and Monatom, the Russian counterpart signed a joint agreement to develop and explore the Dornod Uranium Project. Currently a 58% controlling share in the project is owned by Khan Resources, with Mon-Atom and the Russian Priargunskiy Minerals and Energy company each owning 21%. It has yet to be seen how this arrangement will affect Khan Resources plans for the site. The CEO, Peter Quick has expressed optimism that Mongolia as a democracy will respect rule of law and come to an equitable solution. [5]
[edit] References
- ↑ "Dornod." Uranium Mine Ownership. WISE Uranium Project. Retrieved on 28 July 2009.
- ↑ "Nuclear Gazumping in Mongolia." Your Nuclear News. Retrieved on 26 Aug. 2009.
- ↑ | 2008 Annual Investor Report. Khan Resources. Retrieved on 4 Sept. 2009.
- ↑ [ http://www.yournuclearnews.com/khan+comments+on+reported+nuclear+energy+law_36329.html |"Khan Comments on Reported Nuclear Energy Law." Your Nuclear News. Retrieved on 26 Aug. 2009. ]
- ↑ [1]
