Mining The Resources
Minding the future
Эрдсийг эрдэнэст
Ирээдүйг өндөр хөгжилд
Компаниуд
Эрдэнэт ТӨҮГ, баяжуулах үйлдвэрийнхээ хүдэр боловсруулах хүчин чадлыг 6 сая тонноор нэмэгдүүлжээ Эрдэнэт ТӨҮГ, баяжуулах үйлдвэрийнхээ өөрөө нунтаглах хэсэгт жилд 6 сая тонн хүдэр боловсруулах хүчин чадалтай өргөтгөлийн 4-р шугамыг ашиглалтад хүлээн авчээ. Энэ сарын 26- нд уг өргөтгөлийн шугамыг хүлээн авах Улсын комисс Эрдэнэт үйлдвэрт ажилласан байна.
Erdenet Mining Corporation, a National Hero  On July 10, 2021, the management and personnel of Erdenet Mining Corporation, a state-owned enterprise, received the honorary title of National Hero of Mongolia from U. Khurelsukh, the President. When the Head of the State started his first business trip to the local community from the Orkhon aimag, he handed over the award to the managers of the corporation. This is a matter of special honor. In the presidential decree, the past, the present and the future of the Erdenet Mining Corporation were described well in a few words: “Having recognized the support and endeavor of the Erdenet Mining Corporation, a construction development of the XX century, to and for Mongolia’s prosperity,
The Burning Ambition of ETT Drives investment Mongolia’s largest coal producer, Erdenes Tavan Tolgoi, is on the fast track to expand its operations.  If current expansion plans become a reality, they expect to produce 47 million tons of coal annually with projected revenues 10 trillion MNT per year by 2025. This is to be achieved through investments in capital projects over the next five years, worth an estimated 10 trillion MNT.  By ramping up its operations, revenues would grow geometrically, increasing its dividend to investors and revenue to the government (currently 81.5% of the company is state owned and 18.5% by citizens and private investors).  These investments are to be funded from internal revenues, bond issuances and   debt.    By expanding their capacity, ETT aims to take advantage of new market conditions and increase their market share in China. 
Oyu Tolgoi announces Q3 2020 performance results Oyu Tolgoi LLC has highlighted the following in its latest performance scorecard that gives key performance metrics for the third quarter of 2020, and provided an update on underground development, and its continued prevention measures on COVID-19. •    Awarded the Copper Mark for responsible production.  •    Paid $201 million in the form of taxes, fees and other payments to the Government of Mongolia as of the end of the third quarter of 2020. Since 2010, Oyu Tolgoi has paid $2.8 billion in taxes, fees and other payments including VAT to Mongolian suppliers.
OT to close down earlier, earn less The Oyu Tolgoi Technical Report 2020, uploaded on the company’s website on 28 August, sees extraction at the open pit mine – Oyut -- and at the underground mine -- Hugo North Lift 1 – ending in 2051, six years earlier than what was indicated in the 2016 report, bringing expected gross revenue from sale of concentrate down to $69.4 billion from $82.8 billion. The extraction schedule in the new report incorporates the effects of the change in the underground mine design but does not take into account the impact of the pandemic on production.  Work on developing the underground mine has not stopped despite the pandemic, though it goes on at a slower pace, especially in Shaft 3 and 4 construction. In the meantime, Turquoise Hill published a revised OT feasibility study in July and followed this up with the updated Technical Report.
New mine design makes $10 billion of OT ore unextractable, at least for now Extraction at the Oyu Tolgoi underground mine, shown as Hugo North in maps, is likely to start in 2023 but will end sooner than expected. This is because the updated Feasibility Study recently prepared by Turquoise Hill Resources puts the extractable ore reserve there – from which will finally come the copper, gold, and silver -- at 400 million tonnes, which is 47 million tonnes or 11 percent less than earlier estimated.  According to the Oyu Tolgoi 2020 feasibility study, the lower ore reserve would mean 1.3 million tonnes less copper, 1 million ounces less gold, and 8.1 million ounces less of silver. The total value of the “lost” reserves would be roughly $10 billion. This is almost the same as the Oyu Tolgoi project’s entire cost.  OT says the ore has to be left as it is in the interests of mine safety and long-term sustainable operation.
More gold from Oyu Tolgoi expected in 2021 Turquoise Hill Resources has announced increased 2021 gold production outlook, and filed an updated technical report for the Oyu Tolgoi Project (OTTR). Gold production outlook for 2021 has increased to a range of 500,000 ounces– 550,000 ounces from 450,000 ounces – 500,000 ounces, the result of initiatives that have brought the higher grade gold bearing ore from the South West pit forward into 2020 and 2021.
Way cleared for Mongolia building Tavan Tolgoi power plant The first major mining-related headline since the ruling party’s return to power came on June 28 when Rio Tinto announced that the Government, Rio Tinto and Turquoise Hill Resources had reached an agreement on the preferred domestic power solution for Oyu Tolgoi that clears the way for the Government to fund and construct a power plant at Tavan Tolgoi. This renders infructuous the TTPP Power Source Framework Agreement signed in 2018. The parties have also agreed to conclude a power purchase agreement by next March. Construction will begin by July 1, but the target date for the commissioning of the plant has been pushed back a year to 2025, with no explanation for the delay.
Petro Matad focused on getting exploitation licence Following the success of the 2019 Block XX drilling campaign which resulted in the discovery of oil in the  Gazelle 1 and Heron 1 wells, as well as Heron 1 delivering one of the highest flow rates ever recorded in Mongolia, Petro Matad Limited, the AIM quoted Mongolian oil explorer, is now focused on securing the exploitation licence required under the production sharing contract (PSC) to enter into the development phase on Block XX. The company has been advised by the Mongolian authorities that there is support at the highest levels of Government to grant the licence, as the Government recognises that Petro Matad has been the country’s most active oil explorer in recent years and that the success of its 2019 exploration efforts is very well timed in light of the Government’s commitment to the construction of a domestic oil refinery.
Monpolymet LLC S. Enkhtuya, CEO, writes:    That eight of the largest mining companies have come together to join the Voluntary Code of Responsible Mining has great importance in that this will enthuse other companies to join them in strengthening the case for responsible mining. It will also create pride among citizens working in mining as opening the way for raising the sector’s reputation in the public mind. 
Khurgatai Khairkhan LLC   Z. Gan-Ochir, CEO, replies to questions sent by MMJ: How does your company see the importance of joining the Voluntary Responsible Mining Code?  Mining is the main lever of Mongolia’s economic development. It accounts for one third of the state budget. If mining stops, not only will 60,000 people become unemployed, but also public services such as schools and hospitals will be seriously inconvenienced. Thus mining cannot be allowed to stop. That being the case, it is crucially important that the extractive industry operates with responsibility. This is why we are happy to be part of the Join for Responsibility initiative. We hope the campaign will go a long way in correctly explaining to the people the role and activities of the mining sector and thus giving it its deserved space in society. 
Oyu Tolgoi LLC  Armando Torres, CEO, replies to questions sent by email:  Why do you consider the Memorandum of Understanding (MoU) on the Voluntary Code of Practice for Responsible Mining to be significant?   I believe this MoU lays out a strong foundation to promote best practices of responsible mining across the mining industry and streamline cooperation among major mining companies in Mongolia. What is the next step for your company after signing  the MoU? We see it as an opportunity to share our best practices with our mining peers, broader stakeholders and the public and also to learn from others. Together with our partners of the MoU, we will support development of responsible mining in Mongolia by fostering a better understanding of what the industry needs to do in order to create mutual trust and shared responsibility for responsible mining in society. 
SouthGobi Sands  Ch. Munkhbat, President and CEO, talks to B.Tugsbilegt Why did you think it was important to join the Voluntary Responsible Mining Code?  Studying the Mongolian National Mining Association initiative, we felt its implementation could lead to a significant reduction in irresponsible mining, developing responsible mining instead. We cannot continue with the kind of mining that only degrades the land by digging, or with how “ninjas” work.   Eight of us working together can do a lot for responsible mining. The mining sector takes many risks as it is and cannot afford to have the public against it. It must consider the attitude of citizens in areas where there is mining.      We are the only coal company in Mongolia which is registered in two stock exchanges. Stock exchanges require a company to operate in a transparent manner and its reports and financial statements to be open to the public quarterly.
Baganuur JSC E. Nominchuluun, CEO, writes:  Baganuur JSC has been operating for 41 years, since 1978. Its corporate culture as a state-owned company was formed in what now seems different times, but in 2014, in cooperation with GIZ, we prepared the Strategic Paper on Social Responsibility, which introduced fresh concepts. It is this document that provides the guidelines for the corporate social responsibility activities that we now follow.  When in 2018 Erdenes Mongol evaluated the progress and performance of the responsible mining system towards reaching five key goals, Baganuur’s rating was 39 percent. Considering that we had started on this only recently this was quite creditable, and since then we have improved our compliance with international standards and requirements.  
The 8 who want to make Mongolian mining more responsible The “Join for Responsibility” campaign initiated by the Mongolian National Mining Association (MNMA) and implemented together with the Ministry of Mining and Heavy Industry received a big fillip last June when eight leading mining companies of the country signed a memorandum of understanding (MoU) on the Voluntary Code of Practice for Responsible Mining. MNMA expects its initiative to encourage mining companies to follow best practices and be “responsible” and now the move by their more successful peers is certain to popularize and strengthen the concept of responsible mining in both theory and practice.  The eight companies – Oyu Tolgoi, Erdenet Mining  Corporation, Monpolymet, Energy Resources, Aspire Mining represented by its subsidiary Khurgatai Khairkhan, SouthGobi Sands, Terra Energy and Baganuur
Agreement with OT a big boost to TT power plant project By signing on the very last day of 2018 an agreement on Oyu Tolgoi sourcing power from inside the country, Ts. Davaasuren, Minister of Energy, G.Batsukh, Chairman of the Board of Directors at Oyu Tolgoi, and Armando Torres, the company’s CEO, took the actual implementation of the long-discussed Tavan Tolgoi power plant mega project one big step forward.
Agreement with OT a big boost to TT power plant project By signing on the very last day of 2018 an agreement on Oyu Tolgoi sourcing power from inside the country, Ts. Davaasuren, Minister of Energy, G.Batsukh, Chairman of the Board of Directors at Oyu Tolgoi, and Armando Torres, the company’s CEO, took the actual implementation of the long-discussed Tavan Tolgoi power plant mega project one big step forward.
Erdene sees positive results of PEA study on Khundii Gold Project Following the completion of an independent Preliminary Economic Assessment (PEA) study for its 100%-owned Khundii Gold Project in southwest Mongolia, Erdene Resource Development Corp. (TSX:ERD MSE:ERDN) has drawn particular attention to the following results of the PEA.
Erdene Resource reports “solid progress” In a recent update on corporate and project activities, Canada-listed Erdene Resource Development Corp. says it had an active and successful second quarter, where it reported some of the highest grade drill results to date from its flagship gold project Bayan Khundii,
Zoovch-Ovoo to start trial uranium mining in October A pilot production programme at the Zoovch-Ovoo uranium deposit at Zuunbayan Bag, Dornogovi aimag will begin in October 2018, according to Terry Pleasant, Executive Director of Badrakh Energy, the name under which Areva Mines has been operating since January 2018.
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