Saturday, December 27, 2014

Mongolia to negotiate with int'l investors on coal project - Official

An official said that the Mongolian government will start talks with an international consortium on giant coal project Tavan Tolgoi on January 5th 2015.

Mr Enkhsaikhan Mendsaikhan, head of a working group, said that "A tripartite consortium of Mongolia, China and Japan proposed in its bid to invest USD 4 billion in the project, and conduct an additional exploration at the deposit to augment the identified reserves."

The consortium, formed by China's Shenhua Energy Company Limited, the Mongolian Mining Corporation, and Japan's Sumitomo Corporation, handed in the bid on December 1st to the Mongolian government to develop east Tsankhi and west Tsankhi, two blocks of the Tavan Tolgoi project.

Mr Mendsaikhan said that it will also construct a Tavan Tolgoi-Gashuunsukhait railway and found a plant of 30 million tons of coal processing ability within two and a half years.

He said that "It also expressed its willingness to make joint efforts to tackle Mongolia's debt to Aluminum Corporation of China Ltd.”

Source – Xinhua

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