Martin Quick, President of Khan Resources: I have no doubt on the Government of Mongolia to grant approval for our operation and support us
Q: The Government has intention of owning 51% of strategic deposits. What is you opinion in this regard?
Martin Quick: I have no doubt on the Government of Mongolia to grant approval for our operation and support us. Once coalition government is established, I think it will take immediate measures in making decision. I think it is not that challenging issue to solve and I believe that we can build mutually beneficial deal and cooperation. If the Government of Mongolia is strict with their intention on acquiring 51% ownership in major mining projects, then the situation will be much difficult than we can imagine.
Q: The world financial crisis is a big “punch” for the mining sector. Do you have potential to implement major projects?
Martin Quick: We are not worry about funding in short run. But if this crisis continue for long, the situation will surely be difficult. Indexes of stock exchanges are dropping sharply and some of them are almost shutting down. Due to the financial crisis, shares of the mining companies dropping sharply. Even our share price is lower than its reality. But our project has nothing to worry about at the moment. We have 21 million US$ cash. The main factor for our investment is the Government’s approval for mining operation. I think, when the Government of Mongolia issues such approval for our operation, it will bring trust and confidence to investors and be stimulus to develop their activities.