Draig Resources (ASX: DRG) is focused on emerging coal projects in the under-explored and resource rich country of Mongolia, and has acquired a 16% interest in Trinity Mongolia Pty Ltd - which is a private Australian company.
Through its subsidiaries, Trinity holds a 10% and 15% interest in a joint venture which is the indirect beneficial owner of the eight exploration licences in Mongolia. An indirect wholly owned subsidiary of Draig holds the remaining 75% interest in the joint venture.
Consideration for the interest will be 852,587 shares in Draig, and with the company last trading at $0.037, with the stake currently valued at around $31,500.
Draig has re-positioned itself over the past six months, and going forward the strategy will be firmly on near-surface coking coal in southern Mongolia, which then if sufficient resources can be discovered - the company will look to tap the Chinese market for coal sales.
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