www.unuudur.com: The latest news of Mongolia in the World

Truck after truck as far as the eye can see, as COVID-19 rules hold up drivers on China-Mongolia border. Truckers are increasingly desperate to deliver their coal cargoes after months of brutal delays and no pay.   Watch video: https://beta.dw.com/en/coal-truckers-stuck-at-mongolia-china-border/video-59640363  

China Shenhua Energy Co. Ltd has suspended operations at two large open-pit coal mines in northern China, it said late on Thursday, a move that could benefit producers across the border in Mongolia.

The price of coking coal gapped higher again on Thursday with the industry benchmark price tracked by the Steel Index surging 4.6% to $314.00 a tonne due to continued supply outages following tropical storms in Australia.

Ulaanbaatar, Mongolia-based Mongolian Mining filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Southern District of New York, case number 17-10695. The Company, which engages in mining, processing, transportation and sale of coal products in Mongolia, is represented by Timothy E. Graulich of Davis Polk & Wardwell.

After a pause last week (and even a small move higher) following 12 weeks of non-stop selling, the rout on coking coal markets resumed on Tuesday. The steelmaking raw material fell 4.7% to $154.80 on the day, the lowest since early September.

Investors are tracking indicators on shares of Mongolian Mining Cor (MOGLF). The current 14-day RSI is 50, the 7-day is at 43.77, and the 3-day is resting at 31.3. Many investors look to the Relative Strength Index (RSI) reading of a particular stock to help identify overbought/oversold conditions. The RSI was developed by J. Welles [...]

Former frontier market darling Mongolia has had a tough time in a world of low commodity prices, with its government struggling to make ends meet, but a spike in global coal prices could see the country stage a comeback.

Mongolian Mining Corporation’s debt restructuring talks with its creditors are progressing well and a deal could be reached before the end of the year, the country’s Vice Minister Badamsuren Khookhor said on Monday. Hong Kong-listed Mongolian Mining Corp has been in default after missing a coupon payment in March on its $600 million 2017 issue.

Over 60 kilometers, they line up: truck after truck, after truck. Nearly every one of them is laden with coal.

In order to stimulate its economy, Mongolia is expected to restart in the south of the country, the world’s largest coal tower Tolgoi tender.

Prices of coking coal, the steel-making kind, keep soaring on slowing supply growth from China and increased demand from Indian steel mills.

Joint provisional liquidators have been appointed over Mongolian Mining Corp., according to a resent company announcement.

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.

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.

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 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.

Монголия попросила у эксим банка КНР заем в размере $1,3 млрд на строительство железной дороги, соединяющей Таван Толгой (крупнейшее в стране меторождение угля) с границей Китая, сообщает Bloomberg.

Mongolia is seeking a $1.3 billion loan from the Export-Import Bank of China to complete a railway connecting its Tavan Tolgoi coal deposit with the Chinese border, a project that has stalled because of lack of funds.

Looking ahead to 2016, Mongolia’s government publicized a series of major developments in its large state-owned mining projects of Oyu Tolgoi (OT) and Tavan Tolgoi (TT), which could pull the country’s battered economy out of its downward spiral of disappearing foreign direct investment (FDI) and falling GDP.

Energy Resources has awarded a four-year contract extension to CIMIC Group’s mining arm Thiess for the company’s Ukhaa Khudag coal mine in Mongolia.

On Friday, November 13, S. Erdene, the head of the Mongolian Labor Union ‘Solidarity’ (Ev Sanaany Negdel) called a press conference to discuss a recent change in contract for workers at Mongolia’s Tavan Tolgoi mine, one of the largest coal mines in the world. After delivering his remarks, S. Erdene doused himself in flammable liquid [...]

Metallurgical coal production remained strong in 3Q15 at the major mining companies – particularly from Australia. But thermal coal production suffered as demand for the fuel remained weak around the world.

Премьер Японии Синдзо Абэ заявил в Улан-Баторе, что Япония готова поддерживать Монголию на пути создания собственной стабильной экономики и самообеспечивающего развития. Япония передаст степной республике технологии по производству моторного топлива из угля и построит там железные дороги широкой колеи с угольного месторождения Тавантолгой до будущего суперцентра углехимии города Сайншанд. Сайншанд расположен на Улан-Баторской магистрали, позволяющей [...]

Mongolia struggles to develop its largest coal mining project, Tavan Tolgoi, with reserves of 7.4 billion tonnes of coal, after the Mongolian Government failed to secure $4 billion in funds. Development of the mine, halted by politics and weak government institutions, reflects the resource curse as Mongolia’s Parliament failed to transfer ownership of the coal [...]

The Tavan Tolgoi coal mine in southern Mongolia is one of the world’s largest undeveloped coal deposits–estimated to contain reserves in excess of 6 billion tonnes of high-quality coking coal used for steelmaking, reports The Diplomat.

A delayed $4 billion deal aimed at spurring development of Mongolia’s enormous Tavan Tolgoi coal mine has only a slim chance of going ahead, partly due to China’s slowing growth, one of the country’s chief negotiators said on Thursday.

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.

Mongolia’s parliament has stepped in at the last minute to halt a landmark deal with a consortium of foreign firms to develop the giant Tavan Tolgoi coal mine near the Chinese border, saying it needs the approval of legislators before going ahead.

Mongolia’s accord with a group planning to develop its largest coking coal deposit for $4 billion is being stalled by the government’s $150 million debt to a Chinese state-owned company, Mongolian minister Enkhsaikhan Mendsaikhan said.

Talks to allow a consortium led by China’s Shenhua Energy to take over Mongolia’s largest coal mine have yet to be completed, with the project still paying off debts to another Chinese state miner, an official has said.