Measure was taken as Chinese coal haulers continue to disrupt deliveries near the border with Mongolia, the mine's majority owner Turquoise Hill said.
Mongolia Mining News
Rio Tinto-controlled Turquoise Hill said the bill relates to an audit on taxes imposed and paid by the mine operator between 2013 and 2015.
Erdenet, which produces 530,000 tons of ore annually, is one of Asia’s biggest copper and molybdenum mines and a top tax contributor to the country’s $12 billion economy.
Rio Tinto-controlled Turquoise Hill is also predicting costs to fall about 2.8%.
The European Bank for Reconstruction and Development will acquire a 6.16 percent stake in the Canadian company for 1.4 million Canadian dollars ($1.1 million) to further its exploration in Mongolia.
Accompanied by OT Watch and Accountability Counsel, herders in the South Gobi used the IFC’s complaint office to negotiate agreement.
Mongolia’s renewed efforts to attract foreign investment it’s bearing its first fruits.
Vancouver-based company's Mongolian copper and gold mine expected to be the world's third largest after underground expansion.
While the company had other projects in the country, the Bayan Khundii gold project went from greenfield prospect to being its main asset in roughly nine months.
"Investors are willing to back their positive sentiment towards natural resources with fresh capital commitments," says new study.
MICROMINE implements its fleet management and mine control solution, Pitram at one of the world’s largest copper-gold mines, Oyu Tolgoi
MICROMINE has implemented its leading fleet management and mine control solution, Pitram, at the Oyu Tolgoi copper-gold mine in the South Gobi region of Mongolia.
Restrictions would remain in place for six months, with some mines and areas possibly excluded.
Down 4.7% on Tuesday to five-month low as ultra-cheap Mongolian coal gets trucked into market.
Bayan Khundii project went from greenfield prospect to being Erdene’s flagship asset in roughly nine months.
Move follows extensive talks with Chinese and Mongolian authorities.
Shares fell after the miner said it would suspend dividends until further notice, due to current restrictions to funds held at its Kyrgyz Republic subsidiary, Kumtor Gold.
Russian-Canadian Vera Kirikova will become human resources group executive while Simone Niven will assume the corporate relations group executive post.
Chief executive Jean-Sebastian Jacques comments come as the company had to suspend shipments from the Mongolian mine last week.
Over 60 kilometers, they line up: truck after truck, after truck. Nearly every one of them is laden with coal.
Erdenes Tavan Tolgoi (ETT), the state-owned company that holds the license to the deposit, has already begun evaluating bids and calculating the potential economic benefits of restarting it.
Once the underground expansion is completed Ouy Tolgoi would become one of the three largest copper mines in the world.
Canada’s Erdene Resource is one of the very few miners to have never encountered issues in the East Asian nation.
Report shows higher ore prices have encouraged the likes of Iran, Russia and Mongolia to increase shipments to China at faster pace than dominant players.
Lower grades and reduced mining at open pit expected with massive underground expansion of Mongolian mine at least five years away.
Andrew Harding, once tipped as the most likely person to take the company’s reins, is being replaced by Chris Salisbury, currently leading the copper and coal division.