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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.
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.
Shear determination helps Mongolians to ride on the camel’s back
Life can be bumpy when your finances ride on the camel’s back, but some Australian expertise is making things easier for the nomadic herders of the South Gobi Desert.
Lenders expect Rio Tinto to miss Mongolia deadline
Rio Tinto appears unlikely to be ready to push ahead with the second stage of the Oyu Tolgoi mine this week, despite an imminent deadline and improving relations with the Mongolian government.
Mining the legacy of Genghis Khan
It’s more than 800 years since Genghis Khan and his Mongol horde galloped out of central Asia, but today Khan looms large in the Mongolian capital Ulaanbaatar. He is the face of commerce emblazoned on bank notes and multiple brands of vodka. There is even a Grand Khan Irish Pub.
Rio Tinto closer to striking a deal on Mongolia mine
Signs that Rio Tinto is close to striking a deal with the Mongolian government to develop the second stage of the huge Oyu Tolgoi mine continue to mount, with an engineering contractor advertising for workers on what appears to be the famous copper and gold mine.
Mongolia in Rio royalties standoff
Mongolia expects to squeeze at least an extra $303 million out of Rio Tinto this year, as part of the royalties standoff that is threatening to stall development of the massive Oyu Tolgoi mine. A World Bank analysis of the Mongolian government’s 2013 budget found the nation was expecting a revenue boost of 445 billion [...]
No deadline for release of lawyer held for corruption questioning
AN AUSTRALIAN woman being held by authorities in Mongolia still doesn’t know if she’ll be home for Christmas, even though the government’s intense questioning of her knowledge of a mining corruption scandal is coming to an end.
Advice from on high – look to the east
Mining and Mongolia evangelist Robert Friedland yesterday smote not only his usual targets – politicians and the media – but did his best to slay the hysteria surrounding Europe’s teetering economies. Preaching to an audience of the converted, the Melbourne Mining Club, Friedland dismissed Europe as ”Disneyland”; cataclysm or not, Europe is irrelevant to the [...]
Coking coal outlook a boon for Carabella
There has been further confirmation in the past few days that when looking at resource commodities, coking coal is the place to be to protect against the softness being experienced by the rest due to euro debt concerns.
Hunnu takeover wins approvals
A Thai takeover of Mongolia-focused coal explorer Hunnu Coal has been approved by Australia’s Foreign Investment Review Board (FIRB) and the Bank of Thailand. Hunnu’s board is backing a $477 million takeover offer from its largest shareholder, Thai coal miner Banpu Public Company. Banpu in March acquired a stake of about 12 per cent in [...]
Mongolian lure sparks takeover bid
THE boom in interest in Mongolian resource stocks has borne fruit for shareholders in Hunnu Coal, with an agreed takeover bid only 18 months after it went public. Thai coalminer Banpu plans to outlay $400 million for Hunnu in a takeover pitched at $1.80 a share, after the company went public at just 20¢ a [...]
Investors flock to Mongolia
Sovereign wealth funds, private equity and some of the world’s multi-billionaires have descended onto Mongolia to sniff out investment opportunities, as they bet the country’s booming resources sector will produce big winners. Mongolia, blessed with abundant mineral resources, sits on the doorstep of the world’s largest resource consumer, China. But getting the minerals out of [...]
China poised to claim global pre-eminence
EMPIRES whose power depends on military strength alone rarely maintain their dominance for long. The former Soviet Union is the most recent and conspicuous example of such one-sided suzerainty, but there have been many in world history. In contrast, the United States, which emerged from its Cold War with the Soviet Union as the sole [...]
Cooling on uranium
JAPAN’S nuclear crisis has prompted Russia’s state-owned Rosatom Corporation to slash its planned takeover of uranium miner Mantra Resources by more than 12 per cent, casting doubt on how other uranium takeovers will be valued. Rosatom’s ARMZ Uranium Holding Company last week withdrew its $8-a-share offer, following a cooling in investor appetite for uranium stocks [...]
Mongolia and miners get the taste for a rich relationship
DAYS after Rio Tinto’s Stern Hu was arrested in Shanghai the company’s chief executive, Tom Albanese, was driven through drizzling rain to Mongolia’s annual Naadam festival. Hundreds of seven and eight-year-olds were racing horses over distances of up to 30 kilometres, while spectators crowded the finish line and horse owners mingled in gers (yurts) on [...]
A new start for a land where Buddha meets Louis Vuitton
Weathered old folk in fur hats and goatskin gowns and young couples wearing designer sunglasses are squeezing into Gandan monastery to lay money at the feet of a small and ornate statue of Buddha. The room has the yak butter smell of monasteries in Lhasa but the scene is otherwise more natural, lively and shambolic. [...]
Fortescue puts Mongolian coal on the menu
Fortescue Metals Group has expressed interest in acquiring the Tavan Tolgoi coal deposit in Mongolia, but insists it remains focused on iron ore. Executive director Russell Scrimshaw says the miner is ‘‘very focused’’ on expanding its iron ore operations in Western Australia’s Pilbara region, but will also consider coal mining in Mongolia. He said Fortescue [...]
Australia blocked China investment on supply concerns
China’s bid to gain control of the world’s richest rare earth deposit in 2009 was blocked by Australia’s Foreign Investment Review Board on concern it would threaten supply to non-Chinese buyers. State-owned China Non-Ferrous Metal Mining (Group) Co. in May 2009 offered $252 million for a 51.6 per cent stake in Lynas Corp., which needed [...]
Time for a sovereign wealth fund
TEN YEARS ago the likes of Rio Tinto and MIM – since snapped up by Xstrata – could hardly make a buck mining copper. Dotcom was ”in”, base metals were most definitely ”out”, although the switch often came down to the same West Australian entrepreneur floating a different company. Few were brave or prescient enough [...]
Aggressive strategy pays off for Ivanhoe
It has been a tough week for the mining and exploration sector. The pullback in metal prices on renewed sovereign debt fears and inflation in China has taken the shine off share prices. But as always, there are exceptions to the trend. And when it comes to the mining and exploration sector, the exceptions are [...]
Ivanhoe unit takes stake in Aspire Mining
Shares in Aspire Mining Ltd rose after an Ivanhoe Group company took a substantial stake in the junior coal explorer. Aspire shares were up 2.5 cents, or 13.16 per cent, at 21.5 cents at 1346 AEDT. Aspire, a Perth-based company, on Monday said the Ivanhoe-controlled SouthGobi Resources had taken a 19.9 per cent interest in [...]
Ivanhoe, Rio tension increases
THE relationship between Ivanhoe Mines and Rio Tinto has gone from bad to worse, with a planned $US1 billion ($A1.01 billion) rights issue by Ivanhoe creating new tensions. Ivanhoe – owned 18.3 per cent by its executive chairman, Robert Friedland, and 34.9 per cent by Rio – said the funds would be used to ensure [...]