Update of Tavan Tolgoi project presented
The Board of Mongolian Mining Corporation stated that the government working group has submitted the official letter to the consortium of Energy Resources LLC, China Shenhua Energy Company Limited, an
Update of Tavan Tolgoi project presented. The Board of Mongolian Mining Corporation stated that the government working group has submitted the official letter to the consortium of Energy Resources LLC, China Shenhua Energy Company Limited, and Sumitomo Corporation asking to continue the negotiations on the Tavan Tolgoi project. The participation in discussions will continue with the working group representing the government regarding the terms and conditions of an investment and cooperation agreement and such other ancillary agreements in relation to the Tavan Tolgoi project. According to the Mongolian Mining Corporation, the structure of the consortium remains the same. The government has expressed their willing to manage a majority stake in the railway since the negotiation start with Tavan Tolgoi. “State-owned Mongolian Railway will own 51 percent and Shenhua Group will hold a 49 percent share. Energy Resources LLC will not be directly involved in the railway project,” said by MCC. The consortium is focusing more on refining the mining products in Mongolia before exporting them to China, Japan and South Korea. MMC is ready to start the project as soon as the negotiations are finished.
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