Mongolia’s Tavan Tolgoi to Resume Coal Exports to China - Bloomberg: "Erdenes Tavan Tolgoi LLC, Mongolia’s largest state-owned coal company, will resume shipments to China next week, ending a three month stand-off with its biggest customer, Mongolia’s Prime Minister Norovyn Altankhuyag said.
The breakthrough follows negotiations with its main customer, Aluminum Corp. of China Ltd., or Chalco, according to a government press statement on the prime minister’s comments in parliament today.
Exports to Chalco, China’s biggest producer of aluminum, stopped on Jan. 11 due to a lack of funds required to pay Altangovi, which provides warehousing services at the border with China. The chief executive officer of Erdenes TT, Yaichil Batsuuri, said his company had run into financial trouble and wanted to raise prices and cut shipments, changing the terms of the $250 million contract it signed in July 2011."
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