Recent news
Sharyn Gol JSC
Sharyn Gol JSC (MSE: SHG “Sharyn Gol”) is pleased to announce that the Ministry of Nature, Environment and Tourism has accepted its Environmental Impact Assessment Report for the planned new open pit mine at the Shaazgait thermal coal deposit (“Shaazgait”).
Elbegdorj wants TT partner chosen by year-end
President Ts.Elbegdorj has set an end-of-year deadline to select companies to develop part of TavanTolgoi, seeking to resolve a year-long battle for the resource between groups from five nations. Peabody Energy Corp., OAO Russian Railways, and China’s Shenhua Group are among companies affected by stalled talks to develop the West Tsankhi area of the coal deposit. Elbegdorj has said resolving the impasse will be among the top priorities of the new government.
After the election
With the election behind us, the Human Development Fund in its present form is all set to receive a make-over, and we shall have fresh discussions on new approaches to social welfare and new uses for the Fund. Work on the 2013 budget will also have to begin withoutdelay.
GENERAL GUIDELINES OF COLLABORATION ADOPTED AT THE 5TH CONSULTATIVE SEMINAR ON ASSESSING IMPACT OF MINING
According to a press statement issued on June 15,the Mongol Bank and the National Statistical Office successfully held the 5th consultative seminar of foreign sectors on “Measuring the impact of the mining industry on the economy”. The seminar noted that the available data and statistical figures are not enough to reach any definitive conclusion on the issue, and recommended more study and analysis in various areas, including policy, before assessing the actual impact.
Dramatic copper demand growth expected from China, India, Brazil
Copper consumption is rising dramatically in China, Brazil and India. Copper imports are normally an indicator of economic activity. For the first five months of 2012, copper imports by China increased by 52% year on year as demand for the red metal continued to soar.
Rio Tinto provides free Olympic medals metal, and comes under fire
Those with axes to grind have been out there for some months trying, but mostly failing, to make their political points criticising the environmental record of the provider of the metal which goes into the minting of the Olympic gold, silver and bronze medals. Virtually all of this metal is being donated by Kennecott, the Rio Tinto subsidiary which operates the huge Bingham Canyon mining complex outside Salt Lake City in Utah.
Chinese White Paper pledges international REE cooperation
In the first white paper of its kind on the country’s rare earth industry, China has pledged to improve relevant laws and regulations, as well as cooperate internationally on rare earth exports and the development of new rare earth technologies.
Most of China’s ODI in Q1 went to minority deals
Resource deals dominated China’s outbound investment of $21.4 billion in the first three months of 2012, with assets in South America the most sought after by mainly State-backed buyers, a study shows.A $4.8-billion deal struck in March by state-controlled Sinopec, China’s second-largest oil-and-gas producer, for 30% of Petrogal Brazil was the quarter’s single biggest deal and one underlining an emerging trend of China purchasing minority stakes.
Most of China’s ODI in Q1 went to minority deals
Resource deals dominated China’s outbound investment of $21.4 billion in the first three months of 2012, with assets in South America the most sought after by mainly State-backed buyers, a study shows.A $4.8-billion deal struck in March by state-controlled Sinopec, China’s second-largest oil-and-gas producer, for 30% of Petrogal Brazil was the quarter’s single biggest deal and one underlining an emerging trend of China purchasing minority stakes.
Most of China’s ODI in Q1 went to minority deals
Resource deals dominated China’s outbound investment of $21.4 billion in the first three months of 2012, with assets in South America the most sought after by mainly State-backed buyers, a study shows.A $4.8-billion deal struck in March by state-controlled Sinopec, China’s second-largest oil-and-gas producer, for 30% of Petrogal Brazil was the quarter’s single biggest deal and one underlining an emerging trend of China purchasing minority stakes.
“A bark of hope” for missing miners
Two year-old Ginny--a beautiful, brindled-coloured Dutch Shepherd living in Virginia--carries considerable weight on her slender shoulders as a four-legged pioneer in mine rescue.While friendly and sweet-natured during brief introductions at the 2012 National Search and Rescue Conference in Lake Tahoe, Nevada, Ginny is all business when it comes to doing her job as the world’s first mine search and rescue dog, trained to perform search and rescue in both underground and surface mines.
RUSAL Q1 net profit plunges 84%
Russia’s UC RUSAL Plc, the world’s biggest aluminium producer, posted an 84% drop in first-quarter net profit as prices fell, potentially fuelling a shareholder row over the company’s refusal to sell its stake in Norilsk Nickel.RUSAL’s management, led by its controlling shareholder Oleg Deripaska, has resisted pressure to dispose of its 25-percent share in the world’s largest nickel and palladium company to pay down debts at a time when aluminium markets are weak.
Company defends seafloor phosphate mining in Namibia
The proposed seafloor phosphate mining project in Namibia will be undertaken in an environmentally responsible and sensitive manner. Technology is available to ensure minimal environmental interference and the phosphate mining planned will be even more sensitive to the environment than current diamond marine mining in the area, says Namibian Marine Phosphate project GM DavidWellbeloved, himself a yachting enthusiast and sea lover.
Ivanhoe Mines wants to be called Turquoise Hill Resources
If ever there was any doubt about what Rio Tinto was really after in its pursuit of Canadian miner Ivanhoe Mines, the answer has now become clear. Ivanhoe Mines recently said it would ask shareholders in June to approve a new name for the company: Turquoise Hill Resources.
Mongolia: Caught between democratisation and Rio Tinto
Mongolians have recently evoked the spirit of their founder, Genghis Khan, who built the Mongolian empire in 1206. Everywhere you go, he is omnipresent, and for good reason. Having had to face giants such as the Soviet Union and China in the last few hundred years, Mongolia is now embarking on a new journey and taking on one of the world’s mining giants, Rio Tinto.