During a meeting held on the sidelines of the Prospectors and Developers Association of Canada (PDAC) convention, the Mongolian Stock Exchange (MSE) and the Toronto Stock Exchange (TSX) established an agreement to allow dual listings.
Robert Peterman, director of Global Business Development at the TSX, received Minister of Mining Ts.Dashdorj, MP A.Undraa, Head of the Mineral Resources Authority of Mongolia B.Baatartsogt, and CEO of the MSE, Kh.Altai to discuss possibilities for cooperation.
Even though the opportunity for dual-listings was made possible with an amendment to the Mongolian Securities Law, no publically traded company has taken advantage of the opportunity yet.The TSX is a large stock market, ranked ninth amongst global stock exchanges, and Canada and Mongolia’s shared interests in mining assets could facilitate dual listings in the near future.
There are 3,278 companies listed on the TSX, with the majority of companies operating in the mining and petroleum sector. In 2015, 57.7 billion CAD was raised through the TSX. There are 11 companies operating in Mongolia that are listed on the TSX, including Erdene Resource Development Corporation, SouthGobi Resources, and Turquoise Hill Resources.
Under the new agreement, all 11 of the companies with Mongolian operations will now be able to be listed on the MSE and offer stock to Mongolian buyers.