Reposted from UPI.com
ULAN BATOR, Mongolia, Jan. 29 (UPI) — Mongolia’s massive state-owned coal mine, the Tavan Tolgoi, is facing increasing problems.
Last week, Erdenes-Tavan Tolgoi, the state-owned mining company that owns the Tavan Tolgoi project, said it had stopped coal exports to China and threatened to cancel its coal-for-loan deal with Chinese resource company Aluminum Corp. of China, or Chalco. More…
Reposted from Monet Capital
By Vidur Jain
Mongolia News Update – Monday, January 28, 2013
Last week Mongolia reached another hurdle in its grand scheme for 2013, with the Tavan Tolgoi (TT) mine IPO being put on hold. The $3 Billion IPO has been put on hold for this year due to financial difficulties. These difficulties are said to be in part due to TT’s loan agreement with Chinese state-owned enterprise Chalco and were further exacerbated by the 7 Billion MNT wasted on unusable merchandise earlier this month. The current agreement states that the $350 Million loan More…
Reposted from Nasdaq
By Emerging Money
The Aluminum Corp. of China ( ACH , quote ), better known as Chalco, dropped in Tuesday trading after the company announced on Monday that the state-owned firm would drop its bid for Mongolian SouthGobi Resources after months of contentious negotiations. More…
Reposted from Canadian Business
By The Canadian Press
VANCOUVER – Aluminum Corporation of China Ltd. and Ivanhoe Mines Ltd. (TSX:IVN) said Wednesday they would work with the Mongolian government regarding any proposed legislation to review a deal between the two companies.
Ivanhoe Mines has signed an agreement to sell its stake in SouthGobi Resources (TSX:SGQ) and its coal operations in Mongolia to the Chinese aluminum company.
The companies said the Mongolian government is considering new foreign investment legislation. More…