Bayan Khundii project went from greenfield prospect to being Erdene’s flagship asset in roughly nine months.
Mongolia Mining News
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.
The company's Bayan Khundii project went from greenfield prospect to the company’s flagship asset in roughly nine months.
The mining giant is said to have hired Goldman Sachs as an adviser to look at a two-step wrap-up of the Vancouver-based firm.
The transaction will result in a consolidated landholding of over 1,500km2 between and along a strike from the Oyu Tolgoi and Tsagaan Suvarga copper mines.
Move comes on the heels of Rio Tinto’s decision to resume work on a $5.3 billion expansion of the Oyu Tolgoi copper mine, following a three-year delay due to disputes with authorities.
Construction of the massive mine's underground portion will begin within months, with first production expected by 2020.
The Alliance for Responsible Mining announces today that Fairmined Ecological Gold from the Mongolian organization XAMODX and five mining organizations in la Llanada, Colombia is now available.
In the final part of our probe into the curious case of Khan Resources, we review events leading to the seizure of the company’s Mongolian assets and its chairman’s unusual death in an Ulaanbaatar hotel.
In the second installment of the curious case of Khan Resources, we explore the company’s turbulent history in Mongolia and document a deal with Russia’s leadership to swap its uranium mines for hundreds of millions of dollars in aid and debt forgiveness.
The curious case of Khan Resources exposes how Mongolia seized uranium mine deposits from their Canadian legal owner and transferred them to Russian government control. And with elections imminent, the Mongolian government is now trying to clean up the mess. (Part One of a Three Part Series)
The more than 2,000 people who gathered in Ulaanbaatar's Freedom Square claimed foreign companies have exploited Mongolia's mineral wealth, which accounts for 94% of the nation's exports.
The ramp up in Mongolian coal production will be faced with decreasing demand from China, the major importer of Mongolian coking coal.
The move comes as the Asian country is launching a new program this week that aims to attract mining exploration.
The nation has struggled to manage its resources leading to disagreements and protests of mining operations.