Foreign investors on alert as Mongolia announces coalmine launch: "ULAN BATOR - Mongolia will begin producing coal from a block of its giant Tavan Tolgoi mine this year, a senior official at the state-run company in charge of the deposit said on Friday, a step that may give foreign firms a way into the long-delayed project.
Major foreign mining companies, including US-based Peabody Energy and China's Shenhua Group, have long sought to invest in the 7.5-billion ton coal development at the core of a mining boom expected to transform land-locked Mongolia's fortunes.
Batdorj Enkhbat, the chief financial officer of Erdenes-Tavan Tolgoi (E-TT), told a mining conference that coal extraction at the western Tsankhi block would begin soon, providing a much-needed fillip for the cash-strapped company which last month was forced to suspend deliveries to its only customer China because of financial difficulties."
'via Blog this'
