Red Hill Energy announced that it will authorize the construction of a USD 250 million project at its Ulaan Ovoo coal site. This follows the release of a pre-feasibility study at Ulaan Ovoo indicating there are some 208 million tones of coal available for mining and shipment to the Port of Nadhodka on the Russian eastern seaboard.
Officials said that infrastructure construction at the site should begin in the latter half of 2009 with mining and the sale of coal to begin in 2011.
Red Hill officials further said that they would seek to sell additional coal from Ulaan Ovoo to China. They said that Red Hill might decrease the cost of extracting coal at Ulaan Ovoo by using local mining contractors or using lower priced Russian or Chinese mining equipment.
Source: Steel Guru
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