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Viking Mines signs second coal MoU with Mongolian power authorities
Viking Mines (ASX:VKA) has signed a second future coal supply agreement with a Mongolian Government power authority for its Berkh Uul Bituminous Coal Project in northern Mongolia.
Turquoise Hill: Oyu Tolgoi concentrator running at full capacity; sales to ramp up
Turquoise Hill Resources (TSE:TRQ) (NYSE:TRQ) announced that production at the Oyu Tolgoi concentrator is currently running at full capacity, or approximately 100,000 tonnes of ore processed per day, in its update on the Mongolian mine’s concentrate production and sales, released Monday.
SouthGobi Resources appoints Ross Tromans president and CEO
SouthGobi Resources Ltd. (TSE:SGQ) (HKSE:1878) Monday said that its board has appointed Ross Tromans as president and CEO effective immediately, after the “industry veteran” was nominated for the position last week.
Kincora Copper closes convertible note private placement financing
Vancouver-based Kincora Copper (CVE:KCC) announced late Monday the completion of its non-brokered private placement offering with Origo Partners of a convertible note of up to $2.5 million due and payable in three years.
Prophecy Coal drives Chandgana process forward, 600 MW plant to go a long way in addressing Mongolian power deficit
Prophecy Coal Corp. (TSE:PCY) forecasts aggressive growth ahead as the company plans to bring its 600 megawatt (MW) Chandgana power project in central Mongolia online by the first quarter of 2016, helping to relieve a major ongoing and growing power deficit in the country.
SouthGobi Resources commissions dry coal handling facility at Ovoot Tolgoi Mine
SouthGobi Resources (TSE:SGQ) (HK:1878) announced Monday it has commissioned and started-up the dry coal-handling facility at its Ovoot Tolgoi coal mine in southern Mongolia.
Mongolian Coking Coal Producer SouthGobi Resources is a Prime Taveover Target, Teck Resources Should Acquire it Before a Competitor Does
M&A activity in the coal space has been robust; Rio Tinto acquired Riversdale in Mozambique, Alpha acquired Massey and Arch acquired Intl. Coal. Glencore is stalking South Africa’s Optimum Coal, Peabody & Mittal are close to winning Macarthur Coal and Banpu is bidding for Hunnu Coal. As a recently retained consultant for SouthGobi Resources, (SGQRF.PK, [...]
Rio Tinto spends C$529.5 million to raise its stake in Ivanhoe Mines to 48.5 per cent
Rio Tinto (LON:RIO) has increased its stake in Asia Pacific-focused copper, gold and coal miner Ivanhoe Mines (TSE:IVN, NSYE:IVN) amid mounting speculation that it will soon make an offer for the entire business. Under an agreement between the two companies Rio has exercised its right to acquire shares in Ivanhoe to the tune of approximately [...]
Ivanhoe Energy announces spudding of first Mongolian well
Ivanhoe Energy (TSE:IE) announced Tuesday that its subsidiary, Sunwing Energy, has spudded the first exploration well on the company’s Mongolian property. The well, which is being drilled by the Daqing Exploration Company, was spudded on the Nyalga block, and has since been drilled to 437 metres. Surface casting has also been run and cemented.
Westhouse bullish on prospects for Petro Matad
Analysts at Westhouse have sounded a very upbeat note on prospects for Mongolia-focused oil group Petro Matad (LON:MATD) thanks to its increasingly successful exploration programme, strong and capable technical team and ‘exceptionally large’ prospective exploration blocks. The analysts’ highly positive stance on the company follows a visit to Mongolia to assess Petro Matad’s operations and [...]
Denison Mines increases resources at Hairhan uranium deposit
Denison Mines announced Monday that it has signficantly increased uranium resources at its Hairhan deposit in Mongolia, part of the Gurvan Saihan joint venture. Denison holds a 70% interest in the venture, with Mongolian state-owned entity Mon-Atom holding 15%, and Russian concern Geologorazvedka holding the remainder. The joint venture owns six exploration licenses, including Hairhan, [...]
Prophecy Resource to raise $30m through equity offering for Mongolia projects
Prophecy Resource Corp said Friday it will raise roughly $30 million through an equity offering for its thermal coal projects in Mongolia. The company has agreed to issue 32.29 million common shares at a price of C$0.85 per share. The new funds will be used to finance work on the company’s existing properties in Mongolia, [...]
SouthGobi Resources invests AUD$20 million in Mongolia focused coal developer Aspire Mining
Mongolian coal producer SouthGobi Resources (TSX:SGQ, SEHK:1878) confirmed this morning that it had taken a 19.9% stake in Australian listed, Mongolia focused coal developer Aspire Mining. SouthGobi is taking the stake through a private placement which will see Aspire Mining issue approximately 105.7 million shares at 19 cents per share, raising AUD$20.1 million for the [...]
Hunnu Coal has 11 drill rigs at work in Mongolia
Hunno Coal (ASX: HUN) has upped the pace of drilling at its coal projects in Mongolia with eleven rigs operating on various projects in the Middle and South Gobi Coal Provinces, aimed at generating initial JORC resources. Hunnu has completed 71 drill holes for 6,022 metres at the Unst Khudag Coal Mine, where four drilling [...]
Prophecy Resources to bring coal production online by August
Prophecy Resources (TSX-V:PCY, OTC:PRPCF) is a well connected Canadian based mining and exploration company, which is expecting to bring its key Ulaan Ovoo Coal Project, located in Northern Mongolia, into production by the end of August this year. In addition to its strong management team, the company benefits from a number of strategic advantages by [...]