Reposted from Reuters
Mongolia’s massive Tavan Tolgoi coal mine will resume exports of coking coal to China on Monday after suspending deliveries in January due to cost pressures, the state firm in charge of the project said.
Erdenes Tavan Tolgoi signed an initial $250 million coal sales agreement with Aluminium Corporation of China (Chalco) in July 2011, but halted deliveries in January, saying the price paid for the coal was below the cost of production. More…
Reposted from the International Financial Law Review
By Ashley Lee
Resource nationalism in Mongolia’s draft Minerals Law and the lack of action on the Strategic Entities Foreign Investment Law (SEFIL) are threatening the country’s investment environment.
Mongolia used to be an investor darling; a democracy located between China and Russia with enormous natural resources potential. But recent political developments and their subsequent legal implications have severely impacted sentiments. More…
Reposted from The UB Post
By B. Byambadorj
At a press conference on Monday ‘The Report: Mongolia 2013’ was unveiled at the Kempinski Hotel Khan Palace.
The Report: Mongolia 2013 sheds light on Mongoia’s foreign investment laws that are causing current concerns. The Report also provides key information on the state of Mongolian infrastructure, capital and expertise to investors.
Regional Editor Paulius Kuncinas said that Mongoia’s exports of coal, copper and iron should rise on the back of a favorable global outlook for commodities. More…
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 The UB Post
By B. ByambadorJ
Mongolia’s mining industry is—as it should be—tightly wrapped around the Government. Mining is now officially considered one of the ‘strategic’ industries in Mongolia. Yet, can Mongolia take the punch when investors begin doubting their stakes because of the obvious political risks? More…
Operations under way at Turquoise Hill’s Oyu Tolgoi project in the South Gobi desert in Mongolia.
SouthGobi Resources Ltd. dismissed chief executive officer Alexander Molyneux just more than a week after Aluminium Corp. of China Ltd. (Chalco) dropped a $926-million (U.S.) bid for the company that strained its relationship with the Mongolian government. More…
Reposted from Mining.com
By Frik Els
Investors in Turquoise Hill Resources (previously Ivanhoe Mines) nearing completion of its Oyu Tolgoi project in Mongolia drove up the company’s share price 15% last week, despite news that a group of the country’s lawmakers wants to grab a bigger stake of the massive coper-gold mine. More…
China’s Consumption of Coal Steadily On The Rise
HONG KONG, Sept 3 (Reuters) – Chalco has dropped its $926 million offer for a majority stake in Mongolia-focused coal miner SouthGobi Resources Ltd in the face of stiff political opposition.
The state-controlled Chinese aluminium giant’s April bid triggered a sharp backlash in Mongolia, which in May passed a law limiting foreign ownership to 49 percent for companies in strategic sectors including mining. More…
