Recent news
PARTS OF SPEECH
“Some private companies should be absorbed by the government. We do not want to lose precious time competing against one another. It is both reasonable and possible to compete with companies from other nations.”
J. Oyungerel, chairperson, Petrovis LLC.
ETT pushes back market debut to 2013 Q1
ErdenesTavanTolgoi, owner of one of the largest coking coal deposits in the world, has pushed back plans for its international share market debut to the first quarter of 2013.Chief Executive B.Enebish has said a listing in February or March next year was “more realistic” than hopes of a market debut in 2012.
Mongolia’s tenacious Ninjas
In a hot, concrete hut filled with acetylene fumes, an elderly Mongolian miner struggles to contain her excitement as she plucks a sizzling inch-long nugget of gold from a grubby cooling pot and raises it to the light. Khorloo, 65, and her sons spent the day scrutinising half a dozen CCTV screens as workers at the Bornuur gold processing plant whittled 1.2 metric tonnes of ore down to 123 grams of pure gold that could earn the family as much as $6,000.
Khan Resources appeals against Ontario court decision on ARMZ
Khan Resources has filed an appeal in an Ontario court challenging a March decision that upheld Atomredmetzoloto JSC’s appeal to stop Khan Resource’s lawsuit against the Russian miner.Khan Resources claims that ARMZ, which is a government-owned company, interfered with its uranium interests in Mongolia, and is seeking damages of USD 302.8 million.
Poorly drafted laws causing huge loss
The proposed sale of mainly Canadian-owned SouthGobi Resources to a Chinese state-owned company has revived the question of the extent to which Mongolians can claim to be the real owners of their mineral resources. There is no clarity on who is selling whose treasure. B.Batjargal, director of the budget policy department at the Ministry of Finance, puts the highly emotional and controversial issue in perspective.
The Mongolian Mining Journal - new issue
The last session of the current Parliament is in its last days. For the first two years of its term, Mongolia received support from international financial organizations as a developing country, but thereafter, its credit rating was upgraded and it is no longer in the list of developing countries. Business loans are now easier to get, and national companies have been getting huge amounts as investment loans from international banks and financial organisations.
China seeks to clamp down on domestic coal production by 2015
The Chinese government plans to encourage companies to explore for coal offshore, while at the same time capping domestic coal production below 3.9 billion metric tons by the end of 2015. China Daily says the nation’s coal industry is expected to be capable of producing 4.1 billion metric tons by the end of 2015.
Chalco plans to raise $1.3 billion in share offering
Aluminum Corporation of China Ltd (Chalco) , the country’s largest aluminium producer, plans to issue new shares to raise up to $1.3 billion to fund development and expansion projects.Chalco will apply to the China Securities Regulatory Commission (CSRC) within six months for the issue of not more than 1.25 billion additional Shanghai-listed A shares.
Mongolia can become Australia, only if…
Academician P.Ochirbat analyses how Australian mining has done well, and how Mongolia can follow suit.
I am often asked if I think mining in Mongolia can reach the level of mining in Australia. It is not possible to answer with a straight “Yes” or “No” but we can explore the issue.
The man who saved the world
Given the MMJ’s unwavering commitment to upholding industrial responsibility to and for the environment, we cannot let go unnoticed the death in March, when our last issue was almost ready to be published, of American chemist F. Sherwood Rowland, even if his career and courage had no direct links with mining.
Origo reports world class molybdenum resource at Mandal Moly project
Origo Partners reports that the results of the recently completed maiden JORC compliant resource statement for Moly World Ltd’s Mandal Moly molybdenum and tungsten project reveal a total resource of 203.4 million tonnes of ore grading 0.1261 per cent molybdenum with total contained molybdenum metal of 256,000 tonnes.
Metallurgy complex needed immediately
President Ts. Elbergdorj’s speech at the recent Economic Forum was marked by his concern that iron ore was being transported to China day and night. It would indeed be sad if we run out of the reserves when we finally set up the capacity to process iron ore. One is reminded of the Mongolian saying, “Putting on the coat after the rain is gone”.
PARTS OF SPEECH
“Runaway public spending, authorised by politicians with their eye on the election, has been responsible for about half the11 per cent inflation. The central bank has been left to clean up the mess.”
Prophecy Coal to raise $800 million for power plant
Prophecy Coal Corp expects to raise $800 million in debt and equity financing by September to build a coal-fired 600-megawatt power plant in Mongolia, and expects to conclude a power purchase agreement with the Mongolian government by May.The price is expected to be slightly less than what the Government currently pays for importing electricity from Russia, said Joseph Li, a director and chief operating officer of Toronto-listed Prophecy Coal.The agreement is expected to last at least 25 years.
