Mongolia open to foreign investments in Tavan Tolgoi: President
ULAN BATOR (Reuters) - Mongolia is still open to foreign investments in the western block of the giant Tavan Tolgoi coal mine and has not yet decided on whether to go alone on developing its prized asset, President Tsakhia Elbegdorj said.
Talks with foreign groups to develop Tavan Tolgoi have hit a snag since July last year after the government withdrew a decision to hand mining rights to a consortium comprising China's Shenhua Group (1088.HK), U.S.-based Peabody (BTU.N) and a Russian-Mongolian group headed by Russian Railways.
An executive with the state-owned firm in charge of the Tavan Tolgoi project said in April that Mongolia might develop the mine on its own.
"I think in balancing investors, it is essential that it is in line with policies and in line with our national security," Elbegdorj told Reuters in an interview on Thursday.
"We have two big neighbors and we need investment. I think the door is still open in the negotiations with big national investors."
Speaking at his office in Mongolia's Government House, Elbegdorj also said it was crucial for the country's tiny economy to diversify away from mining.
Talks with foreign groups to develop Tavan Tolgoi have hit a snag since July last year after the government withdrew a decision to hand mining rights to a consortium comprising China's Shenhua Group (1088.HK), U.S.-based Peabody (BTU.N) and a Russian-Mongolian group headed by Russian Railways.
An executive with the state-owned firm in charge of the Tavan Tolgoi project said in April that Mongolia might develop the mine on its own.
"I think in balancing investors, it is essential that it is in line with policies and in line with our national security," Elbegdorj told Reuters in an interview on Thursday.
"We have two big neighbors and we need investment. I think the door is still open in the negotiations with big national investors."
Speaking at his office in Mongolia's Government House, Elbegdorj also said it was crucial for the country's tiny economy to diversify away from mining.
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