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

A 100-day ‘action plan’ designed to address the severe frailties that have emerged across the Mongolian economy over the past 18 months is a “very big deal for nearly all Mongolian equities”, according to Mongolian-based brokerage BDSec Joint Stock Company.

On Thursday, the copper price on the London Metal Exchange reached a four-month high of over US$8,210/t for three-month delivery. Although still well short of the US$9,500/t prices achieved in the middle of last year, the metal has been boosted this week by news that the International Monetary Fund is seeking to raise money to [...]

Anglo American plc has announced the sale of a 24.5% stake in its Anglo Sur (AAS) copper business in Chile to Mitsubishi Corp for US$5.39 billion. In October, Mitsui & Co agreed to buy the equivalent stake from Codelco for US$4.9 billion, once the state-owned miner had exercised an option (which falls due in January [...]

Rio Tinto will assume “direct management” of the world-class Oyu Tolgoi copper-gold project in Mongolia after signing a new agreement with Ivanhoe Mines. The diversified global miner said it would provide a comprehensive financial package to Ivanhoe that is expected to help secure development of the project about six month ahead of schedule.

Ivanhoe Mines Ltd, which is developing the world-class Oyu Tolgoi copper-gold project in Mongolia with Rio Tinto, plans to raise up to US$1 billion after launching a strategic, unconditional rights offering. The company said all existing shareholders may participate on an equal, proportional basis in purchasing additional shares. Robert Friedland, Ivanhoe executive chairman and chief [...]

Mongolia, where mines and quarries account for about 60% of industrial output, plans to start talks to select a contractor to develop the Tavan Tolgoi coal project, the mineral resources minister said.

Mongolians head to the polls on Sunday to elect a new president in a tight race that will help determine when and how the country will reach consensus on working with foreign investors to tap its vast mineral wealth.