Wednesday, 06 Jul 2011
Interfax quoted the Mongolian government said a consortium led by Russian Railways will have a 36% stake in the project to develop the giant Tavan Tolgoi coal deposit in Mongolia.
An alliance led by China Shenhua Energy will get 40% and US firm Peabody Energy will have 24%.
RZD declined to comment, saying it expected to receive an approved document from the government.
The issue will be referred to the parliament on Wednesday.
The three consortia are preliminary winners of a tender for the rights to the coal field. It is thought the three groups will jointly develop the western section of the Tavan Tolgoi field estimated to contain 5 billion tonnes of coal. Estimated project costs are USD 7.3 billion. Vale SA and Xstrata had also been short-listed.
Mr Vladimir Yakunin RZD chief told reporters he could not see how relations between the tender winners would be built. He said that "It's so far hard to imagine how a swan, pike and crab will be able to haul this cart." (sourced from Interfax)
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