Mining titan Rio Tinto PLC said Monday it has spent nearly $1 billion in accordance with a pact to participate in Canada-based Ivanhoe Mines Ltd.’s $1.8 billion rights issue, which is aimed at funding the development of the massive Mongolian Oyu Tolgoi copper and gold project. Rio Tinto spent $935 million to participate in the […]
Category: Mining
New Coalition Government of Mongolia is about to be formed
As the result of the National Consulting Committee Conference of Demparty of Mongolia, it made decision to enter in coalition with ”Justice Coalition”, MPRP and National Democratic Party of Mongolia, and Civil Will Green Party. Justice Coalition will form 25% of the Cabinet, while Demparty and CWGP jointly compose 75% of the Cabinet. Some sources […]
Anti-foreigner sentiments building up in Mongolia
ULAN BATOR – Anti-foreigner campaigners have emerged as the big winners in Mongolia’s June election, a bloc whose increasing power is bad news for the international mining corporations which have been trying for years to get potentially huge projects going there. Politicians are jockeying to decide which parties form the coalition that will manage the […]
Mongolia President Sets 2012 Deadline for Picking Tavantolgoi Partners
Mongolia President Tsakhia Elbegdorj set an end-of-year deadline to select companies to develop part of its biggest coal field, seeking to resolve a year-long battle for the resource between groups from five nations. Peabody Energy Corp. (BTU) (BTU), OAO Russian Railways, and China’s Shenhua Group are among companies affected by stalled talks to develop the […]
Tavan Tolgoi IPO likely in 2013
Mongolia’s government is planning to launch an initial public offering for the Tavan Tolgoi coal mine and list it in the first quarter of next year, the chief executive of a Mongolia-based investment bank that advises the government on mining policies said Wednesday. The Mongolian government plans to list shares of Tavan Tolgoi simultaneously in […]
Prophecy Coal consolidates Mongolian coal resource
Toronto-listed Prophecy Coal on Monday said it would expand its coal resources in Mongolia by acquiring certain assets next to its Chandgana licences from privately held Tethys Mining. CEO John Lee said consolidating the coal basin of about 300 km2 offered greater economies of scale to potentially produce low-cost electricity at the proposed 600 MW […]
SouthGobi Resources Announces Start of Construction on New Paved Coal Highway to Mongolia-China Border
SouthGobi Resources Ltd. announced today that construction has commenced on a new paved coal highway to the Mongolia-China border. A ribbon-cutting ceremony was held June 16, 2012 to commemorate the start of construction. On August 2, 2011, the State Property Committee of Mongolia awarded the tender to construct a paved highway from the Ovoot Tolgoi […]
Mongolia on track to supply Asia with coal
Mongolia is looming as a serious competitor for Australian mineral exports to northern Asia. Already the landlocked north Asian state supplies 44 per cent of the coking coal imported by China, compared with Australia’s 22 per cent market share. But there is also the looming threat that a new railway could mean Mongolian coal can […]
Temasek takes 5.5% stake in Ivanhoe Mines
Temasek has taken a 5.5 per cent stake in Ivanhoe Mines of Canada, making the Singapore state investment agency the latest investor to gain exposure to Mongolia as it expands its natural resources portfolio. Temasek confirmed that it had submitted a filing to US regulators that it now owned 40.85m shares in Ivanhoe, which would […]
Erdenes Tavantolgoi IPO could raise $10.6 billion
Erdenes Tavan Tolgoi, the Mongolian state-owned coal miner proposing an initial public offering, may be worth as much as $10.6 billion, according to Frontier Securities. The value of the each Erdenes share is 933 tugrik (70.8 cents), Frontier said in a e-mailed report, citing a May 30 statement on the government’s website. Frontier calculated the […]