Shearman & Sterling is one of a few international law firms active in Mongolia, advising companies, financial institutions, the Mongolian government and state-owned entities on many types of projects and corporate transactions. Mongolia is one of the world's fastest-growing economies, driven largely by foreign investment. The country, bordered by Russia to the north and China to the south, is extremely rich in mineral resources. Massive infrastructure development is ongoing to exploit these resources and provide other necessary transportation and power facilities. Over the past few years, the country has experienced an annual GDP growth rate in the high teens.
Our Mongolia Group has extensive knowledge and understanding of the cultural, political, social and commercial environment. The group brings together the skills of lawyers in project development and finance, banking finance, and equity and debt fund raisings who have natural resources and infrastructure industry experience.
Our recent Mongolia experience includes representing:
- The Government of Mongolia in connection with its Rule 144A/Reg S offering of Series A US$500 million 4.125% Notes due 2018 and Series B US$1 billion 5.125% Notes due 2022 as part of its US$5 billion Global Medium Term Note Program. This landmark deal is the Government of Mongolia’s debut sovereign bond issuance. (Named as "Best Sovereign Bond" and "Best Mongolia Deal" by Finance Asia Achievement Awards 2012)
- ING Bank, J.P. Morgan, Merrill Lynch, Standard Bank, Standard Chartered Bank, as initial purchasers, in connection with the offering of US$600 million in aggregate principal amount of 8.875% guaranteed senior notes due 2017 by Mongolian Mining Corporation. This was the first international corporate bond issued out of Mongolia. (Named as "High-Yield Bond of the Year" under Regional Awards by IFR Asia Awards 2012)
- A consortium comprising IPR-GDF Suez, POSCO Power, Sojitz Corporation and Newcom in relation to the development of the CHP5 IPP, a greenfield coal-fired combined heat and power plant in Ulaanbaatar in Mongolia with a capacity of up to 450MW. This is Mongolia’s first IPP with foreign companies’ participation.