Mongolia's Tavan Tolgoi says all firms still in running
* IPO venue for Erdenes-TT still undecided
* Negotiations over Tavan Tolgoi mining rights ongoing (Adds details on Tavan Tolgoi deposit, IPO)
(Reuters) - All 15 of the companies bidding for mining rights at Mongolia's massive Tavan Tolgoi coal deposit are still in the running, said an executive from the country's state-owned miner on Thursday.
Negotiations over the mining rights are continuing, said Erdenes MGL Executive Director B. Enebish, speaking at a conference in Ulan Bator.
The Tavan Tolgoi coal deposit, in Mongolia's south Gobi region, has estimated reserves of 6 billion tonnes of coal, including the world's largest untapped deposit of coking coal used to make steel.
The western Tsankhi block holds about 1.2 billion tonnes of reserves, 65 percent of which is coking coal. It has an estimated production life of more than 30 years at 15 million tonnes a year.
Enebish also said there are "lots of elements to resolve" on the issue of where the initial public offering of state-owned Erdenes-Tavan Tolgoi will take place.
The government plans an IPO of up to $5 billion for Erdenes-TT, the state-owned company in charge of the eastern Tsankhi block of the Tavan Tolgoi deposit. Bankers involved in the deal said the plans are for an IPO in London, Hong Kong and Ulan Bator.
Goldman Sachs Group Inc , Deutsche Bank AG (DBKGn.DE), BNP Paribas SA and Macquarie Group Ltd were hired to manage the offering. (Reporting by David Stanway; Writing by Elzio Barreto; Editing by Ken Wills)
* Negotiations over Tavan Tolgoi mining rights ongoing (Adds details on Tavan Tolgoi deposit, IPO)
(Reuters) - All 15 of the companies bidding for mining rights at Mongolia's massive Tavan Tolgoi coal deposit are still in the running, said an executive from the country's state-owned miner on Thursday.
Negotiations over the mining rights are continuing, said Erdenes MGL Executive Director B. Enebish, speaking at a conference in Ulan Bator.
The Tavan Tolgoi coal deposit, in Mongolia's south Gobi region, has estimated reserves of 6 billion tonnes of coal, including the world's largest untapped deposit of coking coal used to make steel.
The western Tsankhi block holds about 1.2 billion tonnes of reserves, 65 percent of which is coking coal. It has an estimated production life of more than 30 years at 15 million tonnes a year.
Enebish also said there are "lots of elements to resolve" on the issue of where the initial public offering of state-owned Erdenes-Tavan Tolgoi will take place.
The government plans an IPO of up to $5 billion for Erdenes-TT, the state-owned company in charge of the eastern Tsankhi block of the Tavan Tolgoi deposit. Bankers involved in the deal said the plans are for an IPO in London, Hong Kong and Ulan Bator.
Goldman Sachs Group Inc , Deutsche Bank AG (DBKGn.DE), BNP Paribas SA and Macquarie Group Ltd were hired to manage the offering. (Reporting by David Stanway; Writing by Elzio Barreto; Editing by Ken Wills)
Comments
Post a Comment