Mongolia Online | Published News | Mining

Master mechanic satisfied with working life in Mongolia

mongoliaonline — Wed, 25 Aug 2010 01:26:19 EDT

If moving up in the world means graduating from high school in Merritt and landing a high profile mining job in Mongolia, consider Bradley Bennett a perfect example.

After sitting in the front row of the Merritt Secondary School graduating class on a warm June day at the de-iced Nicola Valley Memorial Arena a few months ago, the 56-year-old heavy duty mechanic is now s

91 Vote(s)

NAR Forges Long Term Collaboration with Sinosteel Trading

mongoliaonline — Tue, 24 Aug 2010 06:02:11 EDT

Hong Kong, Aug 24, 2010 (ACN Newswire via COMTEX) -- North Asia Resources Holdings Limited ("NAR" or the "Company") announced that the Company has signed a memorandum of understanding (the "MOU") with Sinosteel Trading Co., Ltd. ("Sinosteel Trading") on 18 August 2010 for long-term cooperation with respect of the Company's iron ore mining operation in Mongolia.

Under the MOU, S

93 Vote(s)

Mongolia can undercut Aussie coal export

mongoliaonline — Mon, 16 Aug 2010 06:25:38 EDT

Mongolia is emerging as a major competitor to Australian coal exports due to its vast untapped reserves, cost efficiency and close proximity to China.

Mining giant Leighton Holdings Ltd says Mongolia has at least has 10 to 15 billion tonnes of recoverable coal that could be supplied to China for less than US$100 per tonne.

Leighton Asia is the only internationa

37 Vote(s)

Mongolia races to meet China’s needs

mongoliaonline — Mon, 16 Aug 2010 02:50:25 EDT

SouthGobi Resources owns the right asset in the right place at the right time. The Hong Kong-listed Mongolian mining company is controlled by Ivanhoe Mines of Canada, and operates the Ovoot Tolgoi mine just 40km from the border with China.

Since March, Oovot Tolgoi has produced about 200,000 tonnes of coal a month, most of it destined for Chinese steel mines and power plants.

38 Vote(s)

Russia to consider possibility of setting up JV in uranium with Mongolia

mongoliaonline — Sat, 14 Aug 2010 05:11:35 EDT

Russian government has introduced into the lower house of the Russian Parliament, the State Duma, an intergovernmental agreement with Mongolia on setting up joint uranium mining company with limited liability Dornod Uran.

The agreement was signed by head of the Russian state corporation Rosatom Sergei Kirienko and head of the Atomic Energy Authority of Mongolia Sodnomy

38 Vote(s)

SouthGobi Resources Aims to Secure Second Mongolian Coal Mining License

mongoliaonline — Fri, 13 Aug 2010 05:02:58 EDT

SouthGobi Resources Ltd., backed by China’s sovereign wealth fund, aims to get a mining license for a second coal pit in Mongolia by the year-end.

The company will apply for a permit for the Soumber deposit in the coming months, Chief Executive Officer Alexander Molyneux said at a media briefing in Hong Kong today. About $205 million is needed to develop the mine

38 Vote(s)

New Entree Coal License in Mongolia

mongoliaonline — Fri, 13 Aug 2010 04:47:37 EDT

Entree Gold has received a mining license covering the Nomkhon Bohr coal discovery, which was outlined through exploration efforts in 2008-2009.

The new mining license comprises about 14,030 hectares and covers the north-west corner of the former Togoot exploration license.

The portion of the property included in the mining license is mainly underlain by Permian sediments, whic

51 Vote(s)

Mongolia approves construction of railway line in Tavan Tolgoi coal deposit

mongoliaonline — Mon, 02 Aug 2010 20:18:23 EDT

03 August 2010 Mongolia's parliament has approved construction of a 1100 km railway linking the Tavan Tolgoi coal deposits with Saynshand and the existing line from Russia to Bayantumen. This 1520 mm gauge option was chosen in preference to a shorter standard gauge line to China in the hope of developing new coal export markets via Russia.

Source Railway Gazette

1 Vote(s)

Petro Matad says tests confirm oil find, shares up

mongoliaonline — Fri, 30 Jul 2010 03:46:09 EDT

LONDON, July 30 (Reuters) - Mongolia-focused oil explorer Petro Matad said that analysis carried out on the drilling results of its first well in Eastern Mongolia confirmed that oil was present, sending its shares soaring.

26 Vote(s)

Mongolian mining company guards clash with illegal miners

mongoliaonline — Wed, 28 Jul 2010 01:42:19 EDT

Security guards of a mining company in western Mongolia clashed with illegal miners known as "ninja miners," leaving many of the combatants injured, local media said Wednesday.

About 50 security guards of a gold mining company fought for over two hours with about 200 ninja miners and local residents in Omnogobi county of Uvs province in western Mongolia.

Many w

28 Vote(s)

Mongolia approves plan for coking coal IPO

mongoliaonline — Tue, 13 Jul 2010 21:13:38 EDT

Mongolian lawmakers have overwhelmingly approved a plan authorizing the government to raise $1.5 billion to develop the huge Tavan Tolgoi coking coal deposit through an overseas share sale.

The plan approved by parliament calls for selling a 30 percent stake in Erdenes-Tavantolgoi, the state-owned company that will develop the mine in the southern Gobi desert, to forei

52 Vote(s)

Mongolia Plans to Offer 30% Tavan Tolgoi Company

mongoliaonline — Wed, 07 Jul 2010 21:56:15 EDT

July 8 (Bloomberg) -- Mongolia plans to sell 30 percent of a company controlling the Tavan Tolgoi coking coal deposit in share sales to help fund $1.5 billion of initial development cost, the mining minister said.

The share offerings may take place overseas or in Mongolia and a government-owned company will retain a 40 percent stake,

50 Vote(s)

Chinalco to co-develop Mongolian copper-gold mine

mongoliaonline — Sun, 13 Jun 2010 03:51:19 EDT

Aluminum Corporation of China, or Chinalco, a large Chinese resources company, is now negotiating with Mongolia about its participation in the project of Oyu Tolgoi, a copper-gold mine of Mongolia. If a labor contract is signed successfully, about 2,600 Chinese workers are expected to work for the project, said a member of the Chinese delegation on Thursday.

The insider released

11 Vote(s)

Push to draw Chinalco into Oyu Tolgoi project

mongoliaonline — Sun, 13 Jun 2010 03:33:31 EDT

THE governments of China and Mongolia are discussing a potential labour agreement which, if finalised, will transfer 2500 Chinese to work for the copper-gold mining project Oyu Tolgoi in Mongolia, the 21st Century Business Herald reported yesterday.

A person involved in the talks, who was not named, said the earliest a decision about whether Chinalco could participate in the dev

12 Vote(s)

Leighton wins Mongolia mining contract

mongoliaonline — Thu, 03 Jun 2010 19:30:18 EDT

Construction group Leighton Holdings Ltd has secured a $273 million, six-year contract to develop and operate Mongolia Energy Corporation's (MEC) Khushuut coal mine in western Mongolia.

MEC awarded Leighton Asia – a wholly-owned subsidiary of Leighton Holdings – the project contract, which is expected to eventually result in up to five to six million tonnes of coking coal e

3 Vote(s)

Ivanhoe Mines Nominates Mongolian Diplomat to Lead Board of Company Building the Oyu Tolgoi Mine

mongoliaonline — Wed, 12 May 2010 03:42:45 EDT

ULAANBAATAR, MONGOLIA, May 12, 2010 (MARKETWIRE via COMTEX) -- Peter Meredith, Deputy Chairman of Ivanhoe Mines, announced today that Mongolian diplomat Galsan Batsukh has been nominated to become Chairman of the Board of Directors of Oyu Tolgoi LLC, which is building, and will operate, the Oyu Tolgoi copper-gold project in southern Mongolia.

"Mr. Batsukh has been clos

2 Vote(s)

Ivanhoe Mines boosts Oyu Tolgoi production estimates

mongoliaonline — Tue, 11 May 2010 15:18:27 EDT

IVANHOE Mines has unveiled an updated development plan for the big Oyu Tolgoi project in Mongolia that could boost copper production by 50 per cent and gold output by 126 per cent.

Oyu Tolgoi, the world's largest undeveloped copper-gold project, recently got the go-ahead from the Mongolian government when a 50-year investment agreement was finalised. The government hol

2 Vote(s)

Prophecy Contracts Leighton for Q3 Coal Production at Ulaan Ovoo, Mongolia

mongoliaonline — Tue, 11 May 2010 13:20:31 EDT

Prophecy Resource Corp. announced today that it has entered into a Mine Services Agreement with Leighton Asia Limited for the infrastructure establishment, equipment leasing, and mining operation at the Ulaan Ovoo coal deposit in northern Mongolia.

Ulaan Ovoo site establishment will commence in July 2010 to ensure that the commissioning of the 250,000 tonnes starter pi

2 Vote(s)

Erdene Resource Development: Mongolia Coal Project News

mongoliaonline — Tue, 11 May 2010 13:10:50 EDT

The Halifax, Nova Scotia mining company reports news on its Mongolia coal operations and acutely identifies prospective areas

Erdene Resource Development Corp. updated shareholders on its Mongolia Coal Project and announced the company plans a regional coal exploration drill program. Erdene Resource Development Corp. currently has multiple projects at varying stages co

2 Vote(s)

Ivanhoe says Mongolia copper-gold mine in top 3

mongoliaonline — Tue, 11 May 2010 03:56:22 EDT

TORONTO, May 11 (Reuters) - Ivanhoe Mines' Oyu Tolgoi project in Mongolia will be one of the world's top three copper-gold mines when it goes into full production, the Canadian exploration company said on Tuesday.

Ivanhoe forecast the mine's average annual production at 1.2 billion pounds of copper (544,000 tonnes) and 650,000 ounces of gold in its first 10 years, with

1 Vote(s)

Ivanhoe set to reveal plan for Mongolian mine

mongoliaonline — Mon, 10 May 2010 13:43:12 EDT

Robert Friedland company will discuss plans for developing the Oyu Tolgoi project on Tuesday

Ivanhoe Mines Ltd. is set to unveil the latest plans for developing the giant Oyu Tolgoi copper-gold project in Mongolia.

The plan will be released prior to the opening on North American stock markets on Tuesday morning, the company said, adding that Chairman Robert Fri

1 Vote(s)

Oyutolgoi directors named

mongoliaonline — Sat, 08 May 2010 16:16:22 EDT

The State Property Committee decided on Wednesday that the Mongolian directors on the Board of Oyu Tolgoi LLC would be Former President N. Bagabandi, Advisor to the President P. Tsagaan, and Executive Director of Xas Bank Ch.Ganbold.

1 Vote(s)

Mongolia may decide soon on uranium joint venture with Russia

mongoliaonline — Sat, 08 May 2010 01:29:45 EDT

The government of Mongolia could soon decide on establishing a joint venture with Russia to develop a Mongolian uranium deposit, the head of the Russian civilian nuclear power corporation, Rosatom, said on Tuesday.

At a meeting with Russian Prime Minister Vladimir Putin in the Black Sea resort of Sochi, Sergei Kiriyenko said that Russia had signed an intergovernmental deal on the urani

1 Vote(s)

Khan Resources: Center of Russian-Chinese Resource War in Mongolia

mongoliaonline — Sat, 08 May 2010 01:25:33 EDT

Mongolian President Tsakhia Elbegdorj finished off a nearly week-long state visit to China Monday and the question on the minds of some in the uranium market is whether or not the battle over Mongolia’s Dornod uranium deposit was discussed between the two nation’s heads of state.

Uranium Investing News has followed the fight over Dornod playing out between Russia’s

1 Vote(s)

Cash Minerals to get Mongolian uranium properties in $3M-plus cash deal

mongoliaonline — Thu, 06 May 2010 12:40:00 EDT

TORONTO - Shares in Cash Minerals Ltd soared 40 per cent Tuesday after the miner said it plans to acquire "very prospective uranium properties" in Mongolia in a $3-million-plus cash, stock and royalty deal.

The Toronto-based miner, currently focused in the Yukon, said it had an agreement in principal to acquire 100 per cent of Eam Exploration LLC from East Asia Mineral

1 Vote(s)

Mission to Mongolia

mongoliaonline — Mon, 26 Apr 2010 04:54:38 EDT

Shane Beagle wants to put his building skills to good use, helping families in need half a world away.

The Whangarei teenager is volunteering in Mongolia in June to help build houses for Habitat for Humanity.

The 18-year-old will work with hundreds of other volunteers to build 30 homes in just 10 days – helping a community living in ten

1 Vote(s)

SouthGobi sees jump in Mongolian coal exports to China

mongoliaonline — Tue, 13 Apr 2010 15:51:12 EDT

BEIJING, April 13 - Coal imports from Mongolia are expected to nearly double in 2010 from a year earlier, making Mongolia the third or fourth largest coal supplier to China, the top executive of SouthGobi Energy Resources Ltd said on Tuesday.

Mongolia is likely to ship 12 million tonnes of coal to China this year, up from 8.5 million tonnes in 2009, Alexander Molyneux

1 Vote(s)

Leighton secures $940m contract boost

mongoliaonline — Mon, 12 Apr 2010 19:57:28 EDT

A subsidiary of Leighton Holdings Ltd has signed a $940 million contract adjustment to increase production at a coal mine in southern Mongolia.

Leighton Asia signed the contract adjustment, which will pave the way for increased production at the Ukhaa Khudag coal mine, according to a statement from the parent company.

The mine produced 1.8 million tonnes of coa

2 Vote(s)

Mining hordes invade Mongolia, the 'Kuwait of Central Asia'

mongoliaonline — Sun, 11 Apr 2010 15:04:27 EDT

For decades the global resources industry has had its eye on Mongolia's huge mineral deposits – it has world-class reserves of gold, copper, coal, fluorspar, silver, uranium and tungsten – but has been deterred by a combination of corruption and political instability.

That all changed last year, however, with the election of a pro-business Democratic Party government that i

1 Vote(s)

Ivanhoe to Start Building Mongolia Copper, Gold Mine

mongoliaonline — Fri, 09 Apr 2010 01:32:34 EDT

April 8 (Bloomberg) -- Ivanhoe Mines Ltd. said construction of a $5.5 billion copper and gold mine that it’s developing in Mongolia is set to begin.

The Oyu Tolgoi copper project is scheduled to start in 2013 and will require investments of $758 million this year, Ivanhoe Chairman Robert Friedland said today at a Santiago confer

1 Vote(s)

Ivanhoe Mines To Announce Oyu Tolgoi Development Plan In May

mongoliaonline — Thu, 08 Apr 2010 19:53:00 EDT

SANTIAGO, Apr 08, 2010 (Dow Jones Commodities News via Comtex)

An independent development plan for the Oyu Tolgoi copper mine in Mongolia is slated to be announced after a shareholder meeting in May, the executive chairman of Ivanhoe Mines Ltd. said Thursday.

Ivanhoe is now looking at "a number of interesting alternatives to enhance our shareholder value," Robe

1 Vote(s)

CNNC Overseas Uranium Holding Ltd. Extends Its Offer for Khan Resources Inc.

mongoliaonline — Tue, 06 Apr 2010 17:11:35 EDT

TORONTO, ONTARIO, Apr 06, 2010 (MARKETWIRE via COMTEX) -- CNNC Overseas Uranium Holding Ltd. ("Offeror") and Khan Resources Inc. ("Khan") jointly announced today that the Offeror has extended its offer to acquire all of the outstanding common shares of Khan at C$0.96 in cash per share (the "Offer"). The notice of extension being sent to Khan shareholders amends the Offer dated

2 Vote(s)

Ivanhoe draws up shareholder rights plan

mongoliaonline — Tue, 06 Apr 2010 01:31:00 EDT

Ivanhoe Mines Ltd. has adopted a shareholder rights plan to give it time to evaluate any potential takeover bid it may receive in the future.

The announcement, unveiled late Monday night, comes just a few months after the company hired investment bankers to evaluate strategic alternatives.

While Vancouver-based Ivanhoe is not expected to pursue a takeover bid, it is not

1 Vote(s)

SouthGobi Mulls Listing on Mongolia Stock Exchange

mongoliaonline — Sun, 04 Apr 2010 01:27:59 EDT

April 1 (Bloomberg) -- SouthGobi Energy Resources Ltd., the Canada-listed mining company backed by China’s sovereign wealth fund, is considering selling shares in Mongolia.

“It’s not going to be a major fund-raising measure but would be a way for local people to invest in the company,” David Bartel, vice presid

1 Vote(s)

Hopu Inks Mongolia Coal Deal

mongoliaonline — Sun, 04 Apr 2010 01:21:44 EDT

HONG KONG -- Hopu Investment Management Co., along with two Chinese firms, has signed a US$110 million deal to buy a 20% stake in Winsway Coking Coal, in another venture into Mongolia by the Chinese private-equity firm founded by top China dealmaker Fang Fenglei, people familiar with the deal said Thursday.

Winsway specializes in processing, washing and transporting co

1 Vote(s)

Canadian Mining Company Faces Troubles In Mongolia

mongoliaonline — Sat, 03 Apr 2010 19:48:41 EDT

Despite the potentially huge profits, it can be difficult to do business in a former communist country -- particularly one that is in Asia. Western companies have learned this the hard way.

One current example is in Mongolia, involving a Canadian company, Khan Resources, and a rapid chain of events that put the company on the verge of losing vast amounts of money and essentially b

1 Vote(s)

Rio to Start $4 Billion Mongolian Mine Development

mongoliaonline — Thu, 01 Apr 2010 01:13:51 EDT

March 31 (Bloomberg) -- Rio Tinto Group, the world’s third- largest mining company, said development of the $4 billion Oyu Tolgoi copper and gold mine in Mongolia will start after an accord with the nation’s government was completed.

The terms of an October accord between Rio, the mine’s developer Ivanhoe Mines Ltd. and the Mongolian government have n

1 Vote(s)

Ivanhoe's investment agreement with Mongolian government takes effect

mongoliaonline — Thu, 01 Apr 2010 01:06:57 EDT

ULAANBAATAR, Mongolia - An investment agreement between Ivanhoe Mines and the Mongolian government for a massive copper and gold project has taken full legal effect.

Mongolia announced Wednesday that procedural and administrative conditions in the agreement had been satisfied and that it will take effect immediately.

1 Vote(s)

Green Global Mongolia mine to start output in H2

mongoliaonline — Wed, 31 Mar 2010 19:23:28 EDT

HONG KONG, March 31 - Mining firm Green Global Resources will start iron ore production in the second half of the year in Mongolia, despite disturbances caused by severe weather there, its chairman said on Wednesday.

1 Vote(s)

Ivanhoe Chairman: Looking At Different Options To Fund Mongolia Project

mongoliaonline — Thu, 25 Mar 2010 05:29:31 EDT

SINGAPORE -(Dow Jones)- Canada's Ivanhoe Mines Ltd., the operator of the Oyu Tolgoi copper and gold mine in Mongolia, is looking at various options to fund the development of the project, but won't sell a stake in the project itself, Executive Chairman Robert Friedland said Thursday.

Speaking a special session on Mongolia at Asia Mining Congress 2010, Friedla

1 Vote(s)