February 25, 2013

Mongolia to Begin Production at Giant Tavan Tolgoi Mine

Mongolia to Begin Production at Giant Tavan Tolgoi Mine: "Foreign coal mining companies have been given encouraging news as an announcement was made that Mongolia’s state run coal company will begin to produce coal from a block of the country’s giant Tavan Tolgoi mine. The new production from the mine may open up the way for foreign firms, such as Peabody Energy from the US and Shenhua Group of China, to become a part of the long-delayed 7.5 billion tonne project.

Batdorj Enkhbat, the CFO of Erdenes-Tavan Tolgoi (E-TT), the company that is in charge of the mine, has stated that coal extraction will begin at the western Tsankhi block by April, although he could not say whether foreign partners would be accepted, stating that, “we don't yet know the answer to the question.”"

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