Reposted from The Wall-Street Journal
By Rhiannon Hoyle
SYDNEY–Rio Tinto PLC (RIO.AU) expects final approvals from Mongolia to ship copper and gold from its Oyu Tolgoi mine within weeks, a big step forward for the nation’s largest investment project that has been caught up in a row over costs between the miner and the government.
Rio Tinto had previously targeted commercial production by the end of June, but now thinks it will be able to start shipping material to its customers by that time, Chief Executive Sam Walsh said Thursday. More…
Reposted from The Washington Post
By Michael Kohn and William Mellor
Outside, it’s minus 22 degrees as a February wind blasts across the Central Asian steppe and through the Mongolian capital, Ulaanbaatar. Inside Government House, President Tsakhia Elbegdorj delivers a televised speech that simultaneously warms his people and chills foreign investors.
The country’s 76 legislators have convened to debate the future of one of the planet’s richest copper and gold mines, Oyu Tolgoi, which is 66 percent owned by the London-based Rio Tinto Group and 34 percent owned by the state. Elbegdorj tells them Rio Tinto has let the project’s total cost balloon by $10 billion. The higher expenses, which Rio Tinto disputes, would diminish and delay profits the government shares in. More…
Reposted from The Australian
A Mongolian camel herder in front of Rio Tinto’s Oyu Tolgoi copper-gold project, which is due to start production by July
By Rowan Callick
MONGOLIA, for years held out as a potential competitor with Australia to attract global investment for highly promising mining prospects, has faltered following the introduction a year ago of stringent regulations requiring parliament to approve foreign involvement in the industry.
But the country’s parliament, the State Great Hural, has now amended that tough legislation to ease restrictions on private investors while raising the bar on state-owned enterprise capital. More…
Reposted from The Wall-Street Journal
By Alex MacDonald
LONDON–LONDON–Rio Tinto PLC (RIO) and the Mongolian government have had constructive talks over the terms of investment in Mongolia’s massive Oyu Tolgoi copper and gold project, said Oyu Tolgoi LLC chief executive Wednesday, as it continues to make progress in securing new funding for the next growth phase of the project. More…
Reposted from BBC News
By Tim Bowler
Mongolia has for centuries been characterised as a nation of nomads and cattle herders, but this is all changing thanks to a huge new copper and gold mine.
The mine is Oyu Tolgoi, which is Mongolian for Turquoise Hill, and it is already beginning to transform the economy of this sparsely-populated central Asian nation, sending it towards the top of international growth tables. More…
Reposted the BBC News
By Justin Rowlatt
Beneath the Gobi desert lie enormous reserves of gold, silver and copper – but exploiting them is proving to be a tricky balancing act for the Mongolian authorities.
I am sure he would blush at the suggestion, but Samand Sanjdorj is quite possibly the most influential Mongolian since Genghis Khan. 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 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…
Reposted from Bloomberg
A worker stands by the arm of a digger in a coal mine in Mongolia. Mineral product exports account for more than 90 percent of the country’s exports.
By Michael Kohn & Yuriy Humber
Proposed changes to Mongolia’s mining laws threaten the viability of the nation’s biggest coal project at Tavan Tolgoi and will further deter foreign investment, the Business Council of Mongolia said.
The legislation, which will give the state the right to a free stake in many mineral projects, will take the country away from the free-market principles practiced there since the early 1990s, Mongolia’s largest business group said More…
Reposted from The UB Post
By B. Khash-Erene
The Deputy Head of the National Statistics Office (NSO) of Mongolia, B.Erdenesukh and the Head of the Macro Economics Department of NSO B.Badamtsetseg has officially released this year’s social and economic evaluation for the period up until November 2012 during a press conference.
Below are some of the highlights of the evaluation. More…