Reposted from Bloomberg Businessweek
By Michael Kohn
Mongolia’s economic growth slowed in the first quarter after coal prices fell and moderating Chinese demand reduced the nation’s exports.
Gross domestic product, as measured by production in constant prices, grew 7.2 percent from a year ago, the National Statistical Office of Mongolia said on its website today. That compares with the 16.7 percent pace of expansion for the same period last year and a 12.3 percent annual rate for 2012. More…
Tavan Tolgoi contains up to 7.5 billion tonnes of high-quality coal.
Mongolia’s plan to develop the untapped western block of its massive Tavan Tolgoi coal mine will help raise cash from new customers to offset an exclusive but loss-making supply deal with China’s Chalco, an official with the mine’s developer said.
The mine’s state-owned operator, Erdenes Tavan Tolgoi (ETT), expects to begin exporting coal from the West Tsankhi coal field in the third quarter of this year after opening it up to tender last week, said Tsagaan-Uvgun Delgersaikhan, the head of mine planning at the firm. More…
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 Monet Capital
By Vidur Jain
The Government of Mongolia (GoM), looks to be tight for cash as is becoming apparent through their recent action. The Government has halted the “100 Thousand Apartments” program and the low-interest financing for its would-be residents. This has led to resentment amongst the successful housing applicants, who are threatening a hunger strike on the Sukhbaatar Square in front of the parliament building. More…
Reposted from Oilprice.com
By Charles Kennedy
Foreign coal mining companies have been given encouraging news as an announcement was made that Mongolia’s state run coal company will begin to produce coal from a block of the country’s giant Tavan Tolgoi mine. The new production from the mine may open up the way for foreign firms, such as Peabody Energy from the US and Shenhua Group of China, to become a part of the long-delayed 7.5 billion tonne project. More…
Vale, the Brazilian mining giant, is planning to spend $7 billion on projects in Africa
Reposted from WSJ Market Watch
By Alex MacDonald
Brazilian miner Vale SA plans to invest $7 billion in seven African nations in the coming years with a focus on coal in Mozambique, iron ore and bauxite in Guinea and copper in Zambia, the Democratic Republic of Congo and Angola, said the company’s global head of corporate affairs Wednesday. More…
Rio Tinto’s Gold Mine
Reposted from Reuters
* Mongolia concerned about soaring project costs at Oyu Tolgoi
* Negotiations are a test for new Rio Tinto CEO
* Mongolia looks to step up state ownership, taxes on mines By Terrence Edwards and Sonali Paul ULAN BATOR/MELBOURNE, Feb 1 (Reuters) – Rio Tinto faces tough negotiations next week in Mongolia, where the government is under pressure to plug a budget deficit and increase its share of the wealth from the $6.2 billion Oyu Tolgoi copper and gold mine. 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 Stockhouse
By Leo Liu, MBA, CFA
It has the potential to become a major player in global commodity markets with its rich gold, copper, zinc, uranium, coal, molybdenum and oil reserves.
Mongolia, entirely flanked to the north and south by Russia and China, is the most sparsely populated country in the world. However, the country has vast natural resources with more than 6,000 known mineral deposits of 80 different minerals. More…
