Reposted from Mining Weekly
LONDON – Canada’s Barrick Gold and Chile’s Antofagasta have given up hope of mining Reko Diq, a disputed but promising copper and gold project in Pakistan’s poorest region of Baluchistan, and will demand compensation instead.
Reko Diq was meant to be the biggest foreign investment in Pakistan’s mining sector. But development has been frozen since 2011 after the provincial government refused a mining license for the venture jointly owned by Barrick and Antofagasta – Tethyan Copper Company – months after a request was submitted.
Tethyan began international arbitration proceedings in November 2011.
Reposted from the South China Morning Post
Tavan Tolgoi contains up to 7.5 billion tonnes of high-quality coal.
By Reuters in Ulan Bator
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 Bloomberg Business Week
By Jesse Riseborough and Thomas Biesheuvel
A corruption probe into how a group run by Israel’s richest person secured rights to a Guinea iron ore project is set to spark interest from rival companies looking to swoop on one of the world’s most valuable deposits.
Rio Tinto Group (RIO), the second-largest exporter of iron ore, may be interested in regaining the ground it lost in 2008 should licenses held by Beny Steinmetz’s BSG Resources Ltd. and Vale SA be revoked, Liberum Capital Ltd. analyst Richard Knights said. Guinea is seeking a way for Vale to resume work at Simandou, President Alpha Conde said in a Jan. 23 interview.
A joint U.S. Department of Justice and Guinea investigation has led to the arrests of two BSGR executives in the African country and the detention of a French citizen, indicted to stand trial in New York. At stake is untapped ore in the iron-laden mountains of Guinea’s south east with an estimated value of $50 billion. 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…
Cape Verde and Mozambique are increasingly attracting FDI
Reposted from MacauHub
Cape Verde and Mozambique are two of the most attractive destinations for foreign investment in Africa in 2013, according to a document published in Lille by French consultancy StrategiCo.
In the “Risks in Africa 2013” report to which Macauhub had access, the consultancy noted a “change in perception” of foreign investors in relation to Africa, due to average growth of 4.8 percent this year, above the world average of 25 percent, according to the IMF. Figures from the World Bank showed that foreign direct investment (FDI) would rise 57 percent in two years to US$48.7 billion in 2014, it said. 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 from Bloomberg Businessweek
By Yuriy Humber and Michael Kohn
Turquoise Hill Resources Ltd. (TRQ), the Rio Tinto Group unit in charge of the Oyu Tolgoi copper and gold project, said construction funding was extended while talks continue with Mongolia’s government to resolve disputes.
“The Oyu Tolgoi LLC board has approved continued funding to progress the project,” Vancouver-based Turquoise Hill said in a statement. “All parties have agreed to continue discussions during March 2013, with a goal of resolving the issues in the near term.” More…
Reposted from Bloomberg Businessweek
By Yuriy Humber and Elisabeth Behrmann
Rio Tinto Group’s crucial meeting with Mongolia tomorrow follows weeks of disputes over control of the world’s biggest copper and gold mine under construction, according to two people familiar with the situation.
Financing for the $6.6 billion Oyu Tolgoi mine runs out in three days and tomorrow’s talks to extend the funding come amid allegations of unpaid taxes, and frozen and then unfrozen bank accounts that raise doubts about the project’s future. More…
Reposted from Bloomberg
Mongolia’s Oyu Tolgoi, set to start production in July, has about 25 million metric tons of recoverable copper and an expected life of 50 years.
By Elisabeth Behrmann & Yuriy Humber
Rio Tinto Group (RIO)’s Mongolia copper and gold mine looks a dream location sitting next to China, the biggest market. Yet, Mongolia’s bid for more control of the project draws comparison with a Rio mine that went badly wrong. More…