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Rio Still in Mongolia Talks as Finance Deadline Expires
Rio Tinto Group is still in talks with Mongolia to clear the way for a $4.2 billion plan to expand the Oyu Tolgoi copper and gold mine following the expiration of a deadline set by lenders for the project.
Mongolia Bank Plans Dollar Bond as Buyers Scrape Credit Junkyard
Trade & Development Bank of Mongolia LLC is joining issuers from Pakistan, Bangladesh and Sri Lanka of dollar-denominated bonds as investors scrape for yield among risky credits.
Erdenes TT Seeks to Repay Debt to Chalco Amid Low Coal Prices
Erdenes Tavan Tolgoi, Mongolia’s largest state-owned coal miner, has trimmed its debt to a Chinese customer to $130 million from $350 million, and aims to pay the remaining amount due this year.
Rio’s Turquoise Hill Says Parties to Seek OT Funding Extension
Turquoise Hill Resources Ltd. (TRQ), the miner controlled by Rio Tinto Group, said all parties in the Oyu Tolgoi copper mine in Mongolia agreed to seek a funding extension for the underground expansion amid talks with the government.
Mongolian Freighter With North Korean Crew Sinks Off South Korea
A Mongolian-flagged freighter with a crew of 16 North Koreans sank off the coast of South Korea, killing at least two, the South’s coast guard said.
Mongolia’s Central Bank Plans to Double Currency Swap With China
Mongolia’s central bank said it intends to extend a bilateral local currency-swap line with the People’s Bank of China for three years and double its size to 20 billion yuan.
SouthGobi 2013 Coal Output More Than Doubles as Mine Restarts
SouthGobi Resources Ltd. (SGQ), a coal producer in Mongolia controlled by a Rio Tinto Group unit, more than doubled output in 2013 after a resumption in mining.
Mongolia Eyes First Dim Sum Bond as Trade & Development Offers
Trade & Development Bank of Mongolia is offering what would be the country’s first offshore yuan bond just one week after Moody’s Investors Service downgraded the ratings outlook of the lender.
European Development Bank Says No to Coal Financing
The European Bank for Reconstruction and Development will scrap most assistance for coal-fired power plants, joining the World Bank and the U.S. in a retreat from supporting the most polluting fossil fuel.
Mongolia Says Committed to Resolving Oyu Tolgoi Financing Delays
Mongolia is committed to resolving issues delaying expansion of the $6.6 billion Oyu Tolgoi copper and gold mine, the government said in a statement after a Rio Tinto Group unit failed to arrange funding for their joint project.
China’s Shenhua Agrees to Buy 1 Billion Tons of Mongolian Coal
Three companies that mine coal in Mongolia’s Tavan Tolgoi basin have agreed to export 1 billion tons of the fuel to China’s Shenhua Group Corp. in the next 20 years, said the chief executive officer of one of the suppliers.
Mongolia at Investment ‘Turning Point,’ Cabinet Secretary Says
Mongolia aims to show its relationship with foreign investors has reached a “turning point” by progressing on development of two of the country’s largest mines, Cabinet Secretary Saikhanbileg Chimed said.
Mongolia to Sell Up to $1 Billion in Samurai Bonds, Premier Says
Mongolia plans to sell as much as $1 billion worth of Samurai bonds this year and offer foreign investors a new way into its largest coal project as Prime Minister Norovyn Altankhuyag seeks to revive growth.
Rio Mongolia Copper Venture Replaces Board Members Amid Dispute
Rio Tinto Group (RIO)’s Oyu Tolgoi venture, a $6.6 billion copper and gold project in Mongolia, replaced three board members as it seeks to break an impasse with the country’s government over financing for the mine.
Mongolia Economic Growth Accelerates as State Spending Increases
Mongolia’s second-quarter economic growth accelerated from the first three months of this year as the government boosted spending on infrastructure.
Rio Delays $5.1 Billion Mongolia Expansion Pending Funding Pact
Rio (RIO) Tinto Group, the world’s second-biggest mining company, said it’s delaying work on a $5.1 billion underground expansion of its Oyu Tolgoi copper mine, pending financing approval by Mongolia’s parliament.
Mongolia to Take Over Savings Bank as Fifth-Largest Lender Fails
Savings Bank, Mongolia’s fifth-largest lender, has been declared insolvent after affiliated companies defaulted on loans, and will be taken over by a state-owned competitor, the central bank said.
Mongolia’s Elbegdorj Seeks Re-Election on Anti-Corruption Drive
Mongolia President Tsakhia Elbegdorj is positioned to cement his party’s hold on the mineral-rich country, with a poll showing he is front-runner to win re-election after campaigning on his anti-corruption credentials.
Mongolia to Cut Mortgage Rates to Support Middle Class Growth
Mongolia’s central bank plans to cut interest rates on mortgages by almost half to 8 percent from around 15 percent this month, following a new policy approved by the government to ease financial burdens on the middle class.
Mongolia Opens $122 Million Wind Farm With Aim to Cut Pollution
Mongolia is scheduled to start operations at its first wind farm this month, a $122 million project that’s the biggest power plant in 30 years and part of a government effort to cap pollution cloaking the capital city.
James Passin, the American Who Bought Mongolia
The Mongolian Stock Exchange occupies a single room inside a gray building that once housed a children’s movie theater, just off Sükhbaatar Square in the capital city of Ulaanbaatar. On any given day, it’s quieter than the nearby National Library, as 20 or so traders in cubicles click away softly on their laptops. This muted [...]
Mongolia Economic Growth Slows to 7.2% as Coal Exports Decline
Mongolia’s economic growth slowed in the first quarter after coal prices fell and moderating Chinese demand reduced the nation’s exports.
Mongolian Mining to Get $59 Million Compensation for Rail Pact
Mongolian Mining Corp. (975), the nation’s biggest coking-coal exporter, will receive 84.3 billion tugriks ($59 million) in compensation as part of a pact with the government to terminate a rail-concession agreement.
Rio Tinto ‘Advanced’ in Securing Mongolian Mine Expansion Funds
Rio Tinto Group (RIO), the world’s second-largest mining company, said it’s well advanced in funding talks for an expansion of its Oyu Tolgoi mine in Mongolia that’s been estimated to cost $5.1 billion.
Mongolia Says Rio Mine Audit Seeks Answers on $2 Billion Overrun
Mongolia said it’s undertaking an audit of Rio Tinto Group (RIO)’s Oyu Tolgoi operation as it seeks to understand the reasons for an alleged $2 billion cost overrun at the mine where output is due to start in June.
Mongolia Offers Cashmere Makers Loans to Cut Reliance on Mining
Mongolia approved $86.2 million of loans for cashmere, clothing and dairy companies as the government seeks to reduce the nation’s reliance on mining for economic growth.
Mongolia Cuts Interest Rates Second Time This Year to Aid Growth
Mongolia’s central bank cut interest rates for a second time this year to bolster economic growth as inflation eases and foreign investment falls.
Mongolia to Expand Capacity at Thermal Plant to Power Oyu Tolgoi
Mongolia will increase the size of a planned thermal power plant in the Gobi Desert by 50 percent to meet the needs of its biggest project, the Oyu Tolgoi copper and gold mine.
Mongolia Seeks to Play Peacemaker as North Korea Declares ‘War’
Mongolia called for six-party talks to be resumed after North Korea said it’s in a “state of war” with its neighbor to the south.
Mongolian February Inflation Eases as Exports, Imports Decline
Inflation in Mongolia eased in February from a month earlier as the nation’s exports and imports declined.