Mongolia’s Rio Tinto (NYSE:RIO) deal focuses on Tavan Tolgoi coal field
Mongolia’s new government is going ignore calls for the nation to take a larger share of Rio Tinto Group’s Oyu Tolgoi Copper and Gold mine, focusing instead on attracting overseas investors to the country’s biggest Coal field, the foreign minister said.
The 4 party ruling coalition of Mongolia, which the World Bank said was the world’s fastest growing economy last year, hopes to name “within months” who will develop part of the 6-B MT Tavan Tolgoi coal field, Luvsanvandan Bold said in an interview in Tokyo on 2 October. The project, which has the US, China, Japan, Russia and South Korea interested, is a priority, he said.
Mongolia is “pro foreign investment, pro economic freedom,” said Mr. Bold.
Parliament last month voted down a proposal by some lawmakers to seek immediate renegotiation of the $6-B Oyu Tolgoi accord that gives the nation 34% of the project and a Rio Tinto unit the 66%, he said.
Mongolia’s new government led by Prime Minister Norovyn Altankhuyag is trying to balance growing nationalism and wealth disparity with support for foreign investors at a time when the economy of its biggest trading partner, China, slows the most in 3 yrs. That slowdown caused a 39% drop in Mongolia’s exports in August from a year earlier, the biggest fall since at least February 2009, according to calculations based on the National Statistical Office of Mongolia data.
The 4 party ruling coalition of Mongolia, which the World Bank said was the world’s fastest growing economy last year, hopes to name “within months” who will develop part of the 6-B MT Tavan Tolgoi coal field, Luvsanvandan Bold said in an interview in Tokyo on 2 October. The project, which has the US, China, Japan, Russia and South Korea interested, is a priority, he said.
Mongolia is “pro foreign investment, pro economic freedom,” said Mr. Bold.
Parliament last month voted down a proposal by some lawmakers to seek immediate renegotiation of the $6-B Oyu Tolgoi accord that gives the nation 34% of the project and a Rio Tinto unit the 66%, he said.
Mongolia’s new government led by Prime Minister Norovyn Altankhuyag is trying to balance growing nationalism and wealth disparity with support for foreign investors at a time when the economy of its biggest trading partner, China, slows the most in 3 yrs. That slowdown caused a 39% drop in Mongolia’s exports in August from a year earlier, the biggest fall since at least February 2009, according to calculations based on the National Statistical Office of Mongolia data.
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