Recent news
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.
Coal is pass let us look for gas from it
Our future depends upon our mastery of technology. Japan and South Korea prosper by the power of their technology and German technology has become synonymous with the nation itself. In the world today a country cannot expect to develop without access to and use ofadvanced technology. Apart from the other captivating features of technology, its application has a special economic importance for Mongolia.
New railway move ensures TT will not be derailed
Work on the Tavan Tolgoi project continues to progress, belying talk that it is in limbo, and despite efforts by vested interests since 2008 to halt it through trying to take control of the whole railway construction work.
Power problem could delay OT progress
OyuTolgoi looms as one of Rio Tinto’s most exciting growth projects on the back of the company’s recent takeover of the project’s majority owner Ivanhoe Mines, but difficulties in delivering power to the mine’s remote location are continuing to fester, with Ivanhoe confirming that a deal to import power from China had still not been reached.
Centerra Gold violated laws, NGOs tell Canadian Govt
A consortium of Canadian and Mongolian organisations has filed a complaint with the Canadian government over apparent violations of Mongolian law and international corporate responsibility guidelines by Centerra Gold Inc. in its Mongolian operations.
Chalco to buy up to 60% of SouthGobiin $926- million deal
Chinese aluminium giant Chalcohas agreed to pay $926 million for a controlling stake in SouthGobi Resources in a deal with Robert Friedland’s Ivanhoe Resources.Ivanhoe said a sell-down would free up capital that could be invested in the OyuTolgoi mine.Under the deal, state-owned Chalco plans to buy up to a 60 percent stake in SouthGobi for C$8.48 per share.
