Reposted from The UB Post
By B.Khash-Erdene
Minister of Energy M.Sonompil said last week that the ministry is aiming to make Mongolia energy self sufficient by next year and plans to expand energy production further to eventually become an energy exporter. The minister’s comments came during a regular update on the ministry’s current projects and plans. The updates are part of the government’s actions to increase transparency. More…
Reposted from Mongolian Economy
By B. Bayartogtokh
The halt in railway transport of Tavan Tolgoi’s goods has created a halt in profits. A year ago the tremendous coking coal mine was attracting huge attention from mining observers and foreign investors. But where is it now?
The operator of the mining deposit, state-owned Erdenes Tavan Tolgoi, was then expected to release a public offering on international stock exchanges beginning from this spring. 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…
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…
Heavy machinery moves coal at the Oyu Tolgoi mine in Mongolia.
Rio Tinto Group (RIO), the second-biggest mining company, is considering a temporary halt to construction work at its $6.2 billion Oyu Tolgoi copper and gold project in Mongolia as the government demands a greater share of profit from the mine, according to two people familiar with the plans. 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 Mining-Weekly.com
By Reuters
ULAN BATOR – Mongolia’s giant Tavan Tolgoi coal project is facing financial difficulties and an initial public offering for the mine originally scheduled for this year will not go ahead, the chief executive of the development said on Thursday. More…
Reposted from Bloomberg News
By Michael Kohn
Mongolia’s Erdenes Tavan Tolgoi LLC, the country’s largest state-owned coal company, is seeking a $400 million to $500 million government loan to repay debt and build infrastructure, its chief executive officer said.
“Our financial situation is very complicated at the moment and we have to cover our debts and finance all our infrastructure projects and operations,” Yaichil Batsuuri, a former member of Parliament who has led Erdenes Tavan Tolgoi since October, said in a telephone interview yesterday. More…
Reposted from The UB Post
By B. Khash-Erdene
Erdenes Tavan Tolgoi state owned company has opened a second mine beside the Tavan Tolgoi Coal Mine at the Tsogtsetsii som of the Umnugobi. Management of the company stated, “The Western Portion of the Tavan Tolgoi was opened on a very good day (fortunate day by the Mongolian fortune calendar) of the mid month of August.” More…
