Mongolia to seek bids for Tavan Tolgoi coal deposit contractor in Oct
Bloomberg reported that Mongolia will take bids for a contractor to mine Tavan Tolgoi, one of the world’s largest untapped deposits of steel making coal, in October 2010.
Mr Dashdorj Zorigt minister for minerals and energy said that "The bidding for the operator will be done in early October 2010."
Mongolia, which shares a border with China and Russia, wants to retain ownership of new mines including Tavan Tolgoi, which holds more than 6 billion tonnes of coal. Among the companies that have said they are keen to develop Tavan Tolgoi is China Shenhua Energy Co, the biggest Chinese coal producer.
Mr Zorigt said that the nation expects to set up a state controlled company Erdenes Tavan Tolgoi to oversee the deposit before the start of the mining season in April 2011. He added that "The government is in the process of appointing an independent board and CEO for the Tavan Tolgoi company."
Mongolia plans to sell 30% of the company controlling Tavan Tolgoi in share sales to help fund USD 1.5 billion of initial development cost. The shares will be sold in Mongolia and overseas.
Mr Zorigt said that the government hasn't decided which overseas stock market will handle the sale.
(Sourced from www.bloomberg.net)
Mr Dashdorj Zorigt minister for minerals and energy said that "The bidding for the operator will be done in early October 2010."
Mongolia, which shares a border with China and Russia, wants to retain ownership of new mines including Tavan Tolgoi, which holds more than 6 billion tonnes of coal. Among the companies that have said they are keen to develop Tavan Tolgoi is China Shenhua Energy Co, the biggest Chinese coal producer.
Mr Zorigt said that the nation expects to set up a state controlled company Erdenes Tavan Tolgoi to oversee the deposit before the start of the mining season in April 2011. He added that "The government is in the process of appointing an independent board and CEO for the Tavan Tolgoi company."
Mongolia plans to sell 30% of the company controlling Tavan Tolgoi in share sales to help fund USD 1.5 billion of initial development cost. The shares will be sold in Mongolia and overseas.
Mr Zorigt said that the government hasn't decided which overseas stock market will handle the sale.
(Sourced from www.bloomberg.net)
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