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Unit of Eastern Europe’s largest private coal miner files for insolvency
The main unit of Eastern Europe’s largest private coal miner New World Resources (LON:NWR) filed for insolvency on Tuesday, after the Czech government and company creditors refused to offer the firm a financial lifeline.
Investor sentiment toward Mongolia is improving, but don’t expect ‘Minegolia’
Xanadu Mines chief executive Andrew Stewart used to need 15 hours to drive to his flagship Kharmagtai exploration site in Mongolia’s South Gobi desert.
China and India could destabilize global coal market
Coal has historically played and continues to play a central role in the industrialization and development of nations. A convergence of factors, including China’s spectacular rise, has however had a significant destabilizing effect on the global coal market.
HOW MANY TURQUOISE HILL RESOURCES LTD (TSE:TRQ)’S ANALYSTS ARE BULLISH?
Out of 2 analysts covering Turquoise Hill Resources (TSE:TRQ), 1 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 50% are positive. Turquoise Hill Resources has been the topic of 2 analyst reports since November 9, 2015 according to StockzIntelligence Inc. Below is a list of Turquoise Hill Resources Ltd (TSE:TRQ) latest ratings [...]
Mongolian Mining Defaults on Bond Coupon as Grace Period Ends
Mongolian Mining Corp. failed to make a $26.6 million coupon payment on bonds, in the latest sign of financial stress in the coal industry.
SouthGobi Shares Fall 10% After Update on Turquoise Hill Shareholder Loan
SouthGobi Resources Ltd. (SGQ.TO) shares are lower after the company has released an update on the shareholder loan due to Turquoise Hill Resources Ltd. On October 27, 2015, the Company and Turquoise Hill entered into a deferral agreement, in which Turquoise Hill agreed to defer the repayment of the shareholder loan to April 22, 2016.
Researchers develop new cost-effective method to find copper
Porphyry-type copper deposits provide 75 percent of the world’s copper and a significant amount of molybdenum and gold. These rare deposits, which originally form at several kilometers below the Earth’s surface, above large magma chambers, are most economical to mine. However, most near-surface deposits have already been discovered.
TURQUOISE HILL RESOURCES LIMITED (NYSE:TRQ) SHORT INTEREST INCREASED BY 100.83%
The stock of Turquoise Hill Resources Limited (NYSE:TRQ) registered an increase of 100.83% in short interest. TRQ’s total short interest was 6.65 million shares in April as published by FINRA. Its up 100.83% from 3.31M shares, reported previously.
Uranium market is getting crushed
Iron ore is on an insane run, copper’s dug itself out of January’s seven-year trough, tin and zinc are in bull markets, coking coal is heading for triple digits and crude’s holding onto 60% gains since February’s low despite the Doha disaster.
Turquoise Hill Announces First Quarter 2016 Production
Turquoise Hill Resources today announced first quarter 2016 production for Oyu Tolgoi. Jeff Tygesen, Turquoise Hill Chief Executive Officer, said, “Oyu Tolgoi delivered strong first quarter production results with concentrator throughput reaching a quarterly high as well as better-than-expected gold production. We are increasing 2016 gold production guidance to reflect the mine accessing more of [...]
Prophecy to Clear TDB Loan and Issues Shares for Debt
Vancouver, British Columbia (FSCwire) – Prophecy Development Corp. (“Prophecy” or the “Company”) (TSX:PCY, Frankfurt:1P2) is pleased to announce that it intends to pay off and close out the USD$1.5 million line of credit facility with the Trade and Development Bank of Mongolia at end of this month.
Rio Tinto thermal coal production falls
Rio Tinto’s thermal coal production fell by 16% on the quarter and 9% y/y as wet weather hit output at the Hunter Valley Operations in New South Wales. The fall also reflects the changed ownership structure at its Coal & Allied operations, as well as the sale of its stake in the Bengalla joint venture. [...]
Xanadu Mines Ltd continues to find high grade gold in Mongolia
Xanadu Mines Ltd (ASX:XAM) has yielded high grade gold assays of up to 145g/t from recent trench sampling at the Stockwork Zone II discovery at its 90% owned Oyut Ulaan copper-gold project in Mongolia.
Coal Is Officially a Zombie Industry
And then there was one. On Wednesday, Peabody Energy, the largest coal-mining company in the U.S., filed for Chapter 11 bankruptcy protection. Its stock is at about $2, and its market value is a piddly $38 million.
World’s largest coal producer keeps adding to global supply glut
Coal India, the world’s No.1 producer of the fossil fuel, posted Friday results that show its annual output climbed 8.6% to 536 million metric tons in the year ended March 31.
Protests, defaults bring more bad news for Mongolia’s troubled mining industry
Mongolia’s mining industry, once a beacon of hope for the country, is now under a harsh spotlight. Demonstrators gathered on Ulaanbaatar’s Freedom Square on March 30 to protest against foreign mining concessions, just a few days after a foreign-listed coal miner, once hailed as a model for the next generation of Mongolia’s fledgling corporations, defaulted [...]
Mongolia’s Growth Moderates amid Global Uncertainties
Growth is slowing across much of developing Asia as a result of the continued weak recovery in major industrial economies and softer growth for the People’s Republic of China (PRC). This will combine to push growth in developing Asia for 2015 and 2016 below previous projections, says a new Asian Development Bank (ADB) report.
India, Mongolia to focus on nuclear and multilateral issues in April
The nuclear face-off with North Korea is a major concern for Mongolia, and high on the agenda for discussions between National Security Advisor Ajit Doval and his Mongolian counterpart Enkhtuvshin Tsagaandari during the latter’s April 5-9 trip to India, a senior diplomat told The Hindu.
Rio Tinto, Turquoise Hill count cost of wall slip at Oyu Tolgoi mine in Mongolia
Workers at Rio Tinto’s Oyu Tolgoi mine in Mongolia will spend Easter weekend evaluating the damage caused by a geotechnical incident at the copper, gold and silver mine.
Moody’s: Mongolian Mining’s missed payment on bank facilities has no rating impact
Moody’s Investors Service says that Mongolian Mining Corporation’s (MMC, Ca negative) missed payment on the principal instalment and interest of its bank facilities has no immediate impact on its Ca corporate family and senior unsecured rating.
Mongolian Mining Corp. defaults
Mongolian coal company, Mongolian Mining Corp., has missed a debt repayment to lenders, including BNP Paribas Singapore and the Industrial and Commercial Bank of China (ICBC), after failing to secure a waiver or forbearance agreement from the lenders.
World’s No.1 copper miner Codelco posts historic loss of $1.4bn in 2015
Chile’s Codelco, the world’s No.1 copper producer, posted Thursday (in Spanish) a net loss of $ 1.4 billion for 2015 related to asset impairments and a sharp fall of prices for the red metal.
3 Stocks That Will Profit From the Mongolian Mineral Rush
Like the old man in Monty Python and the Holy Grail, the commodities super cycle is “not dead yet.” Year to date, the iShares Commodities Select Strategy ETF (COMT) is up 3.9%. Over the last month, it has jumped 11%. In December, commodities prices had sunk to a decade low and the entire sector was [...]
Mongolia Faces Hardship as Commodities Prices Slump
Many in this country of three million people that is almost four times the size of California risk being dragged below the poverty line again as the economy sinks.
Россия и Монголия обсудили возможность обмена геологической информацией
Порядок и условия передачи Монголии копий геологических отчетов за 1960-1990 годы по территории этой страны, находящихся в архивном хранении в Росгеолфонде, обсудили участники третьего заседания Российско-Монгольской рабочей группы по сотрудничеству в области недропользования. Оно состоялось в Минприроды России, сообщила пресс-служба ведомства