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SouthGobi Wins China Payment Deferral to Buy Time for Funding
Mongolian coal miner SouthGobi Resources Ltd. said it won a deferral on a key interest payment, staving off a threat to its viability and buying time to boost cash flows.
China planning to step up controls on coal imports
Australia’s beleaguered coal sector, already hit by a slump in the price of the commodity and China’s slowdown, may now have to also face tougher import restrictions from the world’s largest consumer of the fossil fuel.
Rio Tinto agrees to invest in Mongolia’s Oyu Tolgoi mine
After two years of intense negotiations, mining giant Rio Tinto has made a deal to invest between $250-300 million to the underground section of the large Oyu Tolgoi copper and gold mine in Mongolia.
Chile’s copper output to fall after 2025, report says
Copper production in Chile, the world’s largest source of the metal, could decline sharply after 2025 due to lack of appropriate technology, a Chilean Copper Commission, or Cochilco, report said.
Aspire Mining aids the donation of medical equipment to Mongolia
In association with the Rotary Club of Osborne Park and the Mongolian Red Cross Society, Aspire Mining Ltd has agreed to fund the cost of shipping medical equipment supplies from local Western Australian hospitals, which no longer require the equipment due to upgrades, to a number of Mongolian hopitals and clinics.
Turquoise Hill Resources Downgraded to “Sell” at Zacks
Turquoise Hill Resources (NYSE:TRQ) was downgraded by Zacks from a “hold” rating to a “sell” rating in a research report issued on Tuesday, ARN reports.
Oyu Tolgoi project financing seen signed by year-end -Turquoise Hill
A project financing agreement for the underground expansion of Oyu Tolgoi, a massive copper and gold mine in Mongolia, is expected to be signed by year end, mine owner Rio Tinto’s Turquoise Hill Resources unit said on Wednesday.
Khan Resources Inc.: Mongolia Files to Annul Arbitration Award
Khan Resources Inc. (“Khan” or the “Company”) (CSE:KRI) announces that it received on July 14, 2015 a one page notice from the Chief Clerk of the French Court of Appeal in Paris that the Government of Mongolia has initiated an attempt to annul the international arbitration Award rendered in Khan’s favour on March 2, 2015 [...]
Prepare for flood of copper concentrate
Global copper production capacity at mine level through 2018 is expected to grow at an average annual rate of 6% to reach 27.4 million tonnes (mt) a year in 2018, according to a new report by the International Copper Study Group.
ECJV acquires two new exploration licenses
The Ekhgoviin Chuluu Joint Venture (ECJV) between Aspire Mining and the Noble Group has been granted two new exploration licenses, following the re-opening of the Cadestre Division of the Mineral Resource Authority of Mongolia to accept new applications.
Coal was king in the US and is still so worldwide
Ten years ago, US utility industry experts would not have expected coal to rank second to natural gas in electricity generation, but that is what happened in the US in April 2015. Gas generators’ share of electricity generation for the month was about one percentage point more than the share for coal-fired plants. According to [...]
Copper prices hit 6-year low, blame China
Copper prices extended yesterday’s loses on Tuesday, falling to the lowest in six years as high volatility in the Chinese stock-market reinforced worries of a dropping demand from the nation, the world’s top metals consumer.
A coal export tax to be implemented in Indonesia
In a bid to increase state revenue and use more power generated in Indonesia, the country will impose a 1.5% tax on coal exports as of 8 August. This will be for firms with newer mining licences, known as IUPs.
Mongolia to sell stakes in Tavan Tolgoi coal mine
Mongolia is looking to sell stakes in 10 state-owned enterprises this year, including stakes in the $4 billion Tavan Tolgoi coal mine, as the country seeks to revive growth and boost investment, according to Bloomberg.
Centerra Gold Receives C$7.13 Average PT from Brokerages
Centerra Gold (TSE:CG) has been given an average recommendation of “Hold” by the six analysts that are currently covering the company, ARN reports. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. The average 12-month target price [...]
Mongolia premier pledges to end Tavan Tolgoi coal mine impasse
Mongolia will “in the very near future” end an impasse over investment in a $5bn coal mine and push forward “Steppe Road” infrastructure plans with Russia and China, the prime minister has said as he seeks to shore up investor support for his country’s flagging economy.
Mongolia’s mining sector ready to take off again — Erdene Resource
Foreign investors, whose dollars make up a big component of Mongolia’s $11.7 billion economy, have been recently put off by a combination of falling commodities prices and the hectic views of the its policy makers.
SouthGobi former CEO claims $1m in damages
Dual-listed SouthGobi Resources’ former president and CEO Alexander Molyneux served the Mongolia-focused metallurgical and thermal coal miner with a notice of civil claim, filed in the British Columbia Supreme Court, it said on Thursday.
Mongolia to pay $100 million owed to Canada’s Khan Resources
The government of Mongolia will honour a $100 million arbitration payment to Canada’s Khan Resources (TSX:KRI), awarded by an international court in March, following the breakdown of talks and the recent death of the company’s chairman.
$8 trillion alternative energy boom is a win for copper
Here’s a bit of energizing news: In 2014, for the first time in four decades, the global economy grew along with energy demand without an increase in global carbon emissions.
Rio Tinto to invest in Mongolia gold, copper mine this year: Mongolia PM
Mining firm Rio Tinto Ltd has pledged to invest at least $250 million to $300 million in the construction of the underground section of the massive Oyu Tolgoi copper and gold mine in Mongolia this year, Mongolia’s prime minister said on Friday.
Australian coking coal miners get boost from low prices, China deal: Russell
Australian coking coal miners have received two recent, and rare, pieces of good news, one obvious and the other counter-intuitive.
SouthGobi Announces Progress on its Funding Plan, an Extension of the TSX Delisting Review to Permit Completion of the Proposed Private Placements, and the Revised Timing for its 2015 AGM
SouthGobi Resources Ltd. (SGQ)(1878) (“SouthGobi” or the “Company”) announces progress on its funding plan (the “Funding Plan”) to meet the Company’s obligations as they fall due and continue to achieve its business objectives. The Company also announces the extension of the Toronto Stock Exchange (“TSX”) delisting review to permit completion of the proposed private placements [...]
Short-term boost to Asian coal prices
Prices for Australian thermal coal have jumped almost 8% since the beginning of the month as an El-Nino related heat wave in Southeast Asia has increased demand for power, while hitting hydropower generation levels, forcing utilities to boost electricity production from alternative sources.
Mongolian miner signs deal to ship coal to North Korea
A Mongolian coal miner has signed a deal with a shipping company to deliver its coal via Russia to North Korea’s Rason port, part of the landlocked north Asian nation’s efforts to find new ways to reach overseas markets such as Japan and South Korea.
Geopolitical risks are climbing – interstate conflict is top risk in 2015
Every year, the World Economic Forum publishes an annual report on global risks that covers the factors and underlying drivers that could most likely disrupt global economic activity. Most of the time over the last decade, the survey of 900 global experts finds the top risks to revolve between potential economic events such as collapsing [...]