BRIEF-Mongolia Energy Says Moenco Received Another Demand Letter From Mongolian Tax Office

Reuters05-07

May 7 (Reuters) - Mongolia Energy :

* MOENCO RECEIVED ANOTHER DEMAND LETTER FROM MONGOLIAN TAX OFFICE ON 6 MAY TO PAY ADDITIONAL TAXES FOR TAX YEARS FROM 2022 TO 2024

* ADDITIONAL TAXES AMOUNTED TO US$51.7 MILLION & RELATE MOSTLY TO RESOURCES ROYALTY TAX

* GROUP STRONGLY DISAGREES WITH BASIS OF CALCULATION FOR SUCH NEW ADDITIONAL TAXES

* MOENCO SENT LETTER OF COMPLAINT TO TAX OFFICE OPPOSING TAX OFFICE'S DEMAND FOR IMMEDIATE PAYMENT OF NEW ADDITIONAL TAXES

* GROUP ALSO SEEKING LEGAL ADVICE FOR NEW ADDITIONAL TAXES AS DEMANDED UNDER DEMAND LETTER

Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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