First production from the $5.3 billion underground expansion of Oyu Tolgoi was originally scheduled for early 2020.
Mongolian Government Mining News
The listing also makes Erdene the only precious metals exploration and development company currently registered on the exchange.
The Halifax, Nova Scotia-based miner also said it had launched an offering of common shares to Mongolian residents, as well as a concurrent non-brokered private placement, which in combination are expected to raise up to $4.4 million.
Rio Tinto has called for less interference at its giant copper and gold mine in Mongolia, as it moves forward with an underground expansion.
Chief executive Jean Sebastien-Jacques said the challenge for the industry is to ensure the benefits from the past frugal years are not lost against a backdrop of rising oil prices and increased political risk.
Indicated and inferred gold equivalent resources increased by whooping 208% and 172% respectively, when compared to the project’s maiden mineral resource estimate of 2015.
A Mongolian former finance minister, Bayartsogt Sangajav, has been arrested as part of an investigation into suspected abuse of power during investment talks for the giant Oyu Tolgoi copper mine in 2009.
Request relates to an investigation about possible abuse of power by authorized officials during negotiation of the 2009 Oyu Tolgoi investment agreement.
Move would add further costs to an ongoing $5.3 billion underground expansion of the massive mine.
Dutch non-profit organization claims Rio and its Canadian subsidiary Turquoise Hill used a complex network of tax haven subsidiaries and lending money to itself at high interest rates.
The new unit, under Mongolian leadership, will focus on exploration and local ties.
Measure was taken as Chinese coal haulers continue to disrupt deliveries near the border with Mongolia, the mine's majority owner Turquoise Hill said.
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%.
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.
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.
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.
Canada’s Erdene Resource is one of the very few miners to have never encountered issues in the East Asian nation.
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.
Construction of the massive mine's underground portion will begin within months, with first production expected by 2020.