Friday, 05 Aug 2011
Reuters reported that Mongolia massive Tavan Tolgoi project began shipping 4,000 tonnes of coal south to its new partner, the Aluminum Corp of China Ltd recently following a ceremony at the mine site.
The mine state owned operator, Erdenes Tavan Tolgoi agreed last week to sell USD 250 million worth of coal to the Chinese company from its east Tsankhi block a move designed to fund the deposit overseas listing scheduled for next year.
Erdenes confirmed that a total of 40 trucks each loaded with 100 tonnes of Tavan Tolgoi coking coal has already set off south to China. The mine, which could contain as much as 7.5 billion tonnes of high quality coking coal, is expected to help transform Mongolia tiny economy over the next decade and it has attracted the attention of scores of overseas investment banks and mining firms.
But it remains unclear when large-scale development of the property will begin with the results of a bidding process for the western section of the mine still in dispute.
(Sourced from Reuters)
Reuters reported that Mongolia massive Tavan Tolgoi project began shipping 4,000 tonnes of coal south to its new partner, the Aluminum Corp of China Ltd recently following a ceremony at the mine site.
The mine state owned operator, Erdenes Tavan Tolgoi agreed last week to sell USD 250 million worth of coal to the Chinese company from its east Tsankhi block a move designed to fund the deposit overseas listing scheduled for next year.
Erdenes confirmed that a total of 40 trucks each loaded with 100 tonnes of Tavan Tolgoi coking coal has already set off south to China. The mine, which could contain as much as 7.5 billion tonnes of high quality coking coal, is expected to help transform Mongolia tiny economy over the next decade and it has attracted the attention of scores of overseas investment banks and mining firms.
But it remains unclear when large-scale development of the property will begin with the results of a bidding process for the western section of the mine still in dispute.
(Sourced from Reuters)
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