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Tavan Tolgoi Negotiations Reach Second Level

Written by Ch.Sumiyabazar
Tuesday, March 09, 2010.

Mongolia resumed investment talks with potential bidders of Tavan Tolgoi, a high grade coking coal mine in Omnogobi province, last week. Representing the Mongolian side, state-owned Erdenes MGL have invited foreign investors from South Korea, Russia, Brazil, Japan, USA, China, Australia, and India to Ulaanbaatar to open "second-level" talks.

Shinhua Energy of China, Bazovii Element and Renova of Russia, Xtrata of Australia, Peabody Energy of USA, BHP Billiton of Great Britain, Vale of Brazil, Sojits of Japan, Marubeni and Itochu of Japan, CORES of South Korea, Mitsui of Japan, Jindal Steel and Power of India, and Sumitomo of
Japan are among the potential bidders on the development of Tavan Tolgoi project.

The Government of Mongolia had earlier decided to retain 100% ownership of the Tavan Tolgoi coal mine. "The investors were introduced to the proposals of potential cooperation on infrastructure developments and various investment possibilities on the development of the entire project", said a representative from a special working group appointed by the government.

After a "complete different situation", a government representative said, eight business consortiums out of the previous eleven consortiums have re-expressed their interests in taking part in the  development of the project.

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