Erdenes Tavantolgoi Will Start Exploring at West Tsanhi
State owned mining company Erdenes Tavantolgoi began to explore coking coal at the West Tshanhi mine site. “Starting mining at west Tsanhi does not mean to cancel tender for selection of strategic investors” said a report by Erdenes Tavantolgoi. The company noted that it is still negotiating with foreign investors. In order to increase the value of the company it is vital for Erdenes Tavantolgoi to meet requirements of the company planned IPO by running the operation at normal range in West Tsankhi. Erdenes Tavantolgoi plans to export 3-4 million tons of coking coal from East Tsankhi this year. The company expects to increase exports up to 40-50 million tons by 2017. Erdenes Tavantolgoi received a loan totaling 250 million US from Chinese owned Chalco in order to fund the Human Development Fund and stockpiled a total of 413 billion MNT as a financial asset.
Meanwhile, the Erdenes Tavantolgoi CEO and executives made the decision to start exploration at West Tsankhi while the Government continues to work out whether to cooperate with foreign bidders.
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