World Mining News

Gulnara Dariiga has been stuck in traffic for two days in the Gobi Desert in southern Mongolia. The 38-year-old mother of four eats and sleeps in a heavy-duty North Benz truck, assigned to her by her Chinese employer — a coal buyer across the border. “I think today we will cross,” she says with a grin. She shifts from park …

ULAN BATOR, July 25 (Xinhua) — The Bank of Mongolia, the country’s central bank, said on Thursday that the country’s foreign exchange reserves rose to 4 billion U.S. dollars as of July 24. “This is the highest figure since Mongolia’s foreign exchange reserves reached 4 billion U.S. dollars for the first time in history in 2012,” Narantsogt Batjin, a senior …

Fitch Ratings issued a report this week stating that Rio Tinto’s (ASX, LON, NYSE:RIO) credit profile is not negatively affected by the company’s recent announcement related to the increased cost of the expansion project of its Oyu Tolgoi copper-gold-silver mine in Mongolia. In its analysis, Fitch states that the firm’s product diversification, conservative balance sheet, strong cash flow and position …

Beneath a giant stainless steel statue, portraits of the 13th century warlord’s successors line the corridors of a museum. Nearly all of them saw their lives cut short during vicious fights for supremacy in medieval Mongolia’s royal courts. Mongolia is at a political crossroads as public frustration mounts over disputes holding back vital mining and infrastructure projects, and President Battulga …

The country owns 34% of the mine, Mongolia’s biggest foreign investment project, but lawmakers claim delays and cost overruns have meant it has run up more debt from the project than income thus far. Ending the 2015 “Dubai agreement” that launched Oyu Tolgoi’s underground expansion would likely reduce Rio’s future profits in Mongolia’s favor. Mongolia’s parliament is set to approve …

HONG KONG (Reuters Breakingviews) – Rio Tinto has sounded a copper warning from the Mongolian steppe. The $104 billion mining giant says its flagship Oyu Tolgoi expansion in the country’s south will be up to 30 months late, and could cost as much as a third more than planned. That’s a fresh blow to a project that has been battered …

In its latest industry trend analysis, Fitch Solutions sets the coking coal price forecast for 2019 at $195/tonne. The analysts predict prices will remain elevated, with strong demand from China’s steel sector as US-China relations deteriorate and the probability of further economic support from the government to the slowing Chinese economy rises.  On the supply side, Fitch expects production misses from Australia to keep the market tight in the …

In 2010, amid a historic commodities boom fueled by the explosion of China’s economy, international companies began turning their attention to Mongolia as it opened its vast deposits of coal and copper to commercial exploitation. Mongolia, which is located on China’s northern border, stood to make prodigious sums of money if it could sell that copper and coal to its …

Mongolia’s minister of mining and heavy industry has appeared to rule out making changes to the investment agreements that underpin the development of the giant Oyu Tolgoi copper project. Dolgorsürengiin Sumyaabazar told the country’s leading TV channel MNB that the $5.3bn underground expansion of the mine should be based on the existing contracts between the government and Anglo Australian miner …

Санхүүгийн зохицуулах хороо “Эрдэнэс-Тавантолгой” компанийг хаалттай хувьцаат компаниар бүртгэж, хувьцааг хадгаламжид бүртгэн авахыг “Үнэт цаасны төвлөрсөн хадгаламжийн төв” ХХК-д зөвшөөрлөө. УИХ-аас 2010 онд “Эрдэнэс-Тавантолгой” компанийн хувьцааг Монгол Улсын нийт иргэнд адил тэнцүү 1072 ширхгээр үнэ төлбөргүй эзэмшүүлэх шийдвэр гаргасан. Засгийн газар 2012 онд уг хувьцааны хоёр дахь зээлийн арилжаа эхлэх хүртэл хугацаанд саналын эрхгүй, Засгийн газарт нэрлэсэн үнээр нь худалдахаас бусад тохиолдолд …