Эх сурвалж: www.theaustralian.com.au
Gold producers eye Xanadu as Mongolia gets its act together
Australian gold producers are among a host of mining companies that have taken a close look at Mongolian explorer Xanadu Mines in recent weeks, with a shortage of new discoveries, improving appetite for acquisitions and recent policy stability in Mongolia putting the nation’s stalled mining industry back on track. Xanadu’s Ulaanbaatar-based managing director Andrew Stewart [...]
Rio Tinto upbeat on Oyu Tolgoi expansion
An improved outlook for copper and gold has helped add $US1.3 billion ($1.7bn) to the value of the $US5.3bn expansion of Rio Tinto’s Oyu Tolgoi copper and gold mine, which the miner says could ramp up in seven years to release $US1.5bn of annual free cash flow.
Sandwiched Mongolia looks beyond its two gigantic neighbours
Mongolia’s unavoidable environment — surrounded by two big civilisations, with fast-growing markets and nuclear powers — created challenges and opportunities. The Western economic sanctions followed by the Tiananmen incident in 1989 led to the establishment of a strategic partnership between Russia and China; and a new regional organisation, the Shanghai Co-operation Organisation, which is expanding [...]
Rio Tinto a step closer to restart of expansion of Mongolian mine Oyu Tolgoi
Rio Tinto looks close to a deal with Mongolia to push ahead with the stalled $US5.4 billion ($7bn) underground expansion of the Oyu Tolgoi copper and gold mine, with the Rio subsidiary that controls the project saying it is now a matter of ensuring “Ts are crossed and Is are dotted”.
Rio offers to drop $2bn royalty in bid to solve Mongolian standoff
RIO Tinto has offered to abandon a $US1.6 billion ($2bn) royalty it would get from the Oyu Tolgoi copper and gold mine in a bid to end a standoff with the Mongolian government over development of a stalled $US5bn underground expansion needed to unlock most of the deposit’s value.
Rio turns up heat on Mongolia over mine impasse
RIO Tinto has turned up the pressure on the Mongolian government to resolve the impasse over a $US5.4 billion ($6.1bn) development of the underground resource at the Oyu Tolgoi copper/gold mine, saying the ball was now in the government’s hands.
Rio readies for Mongolia pounce
Rio Tinto is edging closer to snaffling the stake in Canada’s Turquoise Hill Resources it does not already own in a move to shore up its exposure to key copper asset Oyu Tolgoi as it tries to counter a predicted drop in the iron ore price.
Rio, Mongolia resolve issues in mine conflict
THE Mongolian government says half of the concerns about the development of Mongolia’s massive Oyu Tolgoi copper and gold mine have been resolved and that a meeting will be convened next week to whittle away the remaining issues.
Bangarra off to Mongolia via Rio
BANGARRA Dance Theatre will become the first major Australian performing arts company to tour Mongolia when it performs in the Central Asian country next week. The national indigenous troupe, led by artistic director Stephen Page, will perform two shows on September 22 and 23 in the Ulanbator Culture Palace, Mongolia’s premier performing arts venue. The [...]
Robert Friedland forced out as Rio tightens grip on Ivanhoe Mines
RIO Tinto chief executive Tom Albanese has scored a spectacular win over mining billionaire Robert Friedland by overhauling the board and management of Ivanhoe Mines, forcing out the mogul in the process and taking control of one of the world’s best new copper resources.
Rio Tinto takes $450m hit on Ivanhoe Mines
RIO Tinto has had more than $C460 million ($448m) wiped off the value of its investment in Canadian subsidiary Ivanhoe Mines after a company report showed a potential $US1.3 billion ($1.25bn) blowout in the capital cost of the Oyu Tolgoi mine and a one-third rise in expected operating costs.
Iron ore and copper are looking solid in what may be a good year for commodities
THIS year is shaping up well for commodities that dictate the share prices of the nation’s miners, as unsustainably low steel production in China and a dearth of new copper production point to potential price gains for iron ore and copper.
Pony express in Mongolia
T first, as the bright, late-afternoon sun plays on the craggy hillsides and bleached boulders, it is hard to make out the horses, so well do they blend in. Then gradually, as our eyes adjust to the sharp shadows, we can see them, a herd of about 40, several of the mares with foals by [...]
Macmahon, Operta sign $490m deal for Mongolian coal mining
CONTRACT mining company Macmahon and German partner Operta have received a contract for coal mining operations at the Tavan Tolgoi mine in Mongolia, a five-year deal worth more than $US500 million ($490m). The contract with Erdenes Tavan Tolgoi, the state-owned company that owns the project, was signed on Thursday.
Rio, Ivanhoe in show of solidarity on Oyu Tolgoi
IVANHOE Mines said it and Rio Tinto have formally advised the Mongolian government they aren’t prepared to renegotiate the investment agreement governing the massive Oyu Tolgoi copper-gold project. The companies were responding to a letter received late last week from the Mongolian government inviting them to discuss potential changes to the agreement. It’s a show [...]
Rio ready to pounce on $10bn acquisitions
RIO Tinto says $US10 billion-plus acquisitions are back on the table — provided its credit rating is not put at risk — as the mining giant hunts for bargains amid turmoil in financial markets.At a briefing for London and New York investors on Tuesday night, Rio chief financial officer Guy Elliott highlighted Rio’s potential firepower [...]
Australian miners on hunt for Mongolia’s riches but lack of rail access pose a challenge
The town itself, now Mongolia’s third largest, popped up in the last century after a Russian military base was set up there, but in the plains surrounding the town Mongolian herders continue to tend to their flocks of sheep, goats and horses as they have done for thousands of years. In the hills bordering the [...]
Mineral riches drive Mongolia’s dream transformation
YOU won’t find a McDonald’s restaurant in Ulan Bator. Nor will you find a Starbucks, nor any of the other franchises that typically crop up as a country begins to transform into a globally connected capitalist economy.
Warning on Mongolia’s minerals regime
THE head of Rio Tinto in Mongolia has issued a stern warning to the local politicians agitating for a greater share of revenue from the country’s emerging mining industry, saying that Mongolia’s economic transformation could stall on the back of any further legislative uncertainty. A group of 20 members of Mongolia’s parliament has been petitioning [...]
Miners throw down the gauntlet to Treasury on tax burden
TAXPAYERS received about 42c for every dollar of taxable income earned by Australia’s biggest miners, according to new research that contradicts government claims over the industry’s contribution to Treasury coffers. A Deloitte Access Economics analysis, commissioned by the Minerals Council of Australia and to be released today, estimates the industry’s tax burden was about 50 [...]
Macmahon Holdings profit slump ‘unacceptable’
MACMAHON Holdings said today it came within a whisker of posting a full-year loss, with its net profits dropping 97.2 per cent to $1 million due to writedowns and the impact of Australia’s wet season. In annual results, the mining contractor said that earnings of just 0.1 cents per share were “an unacceptable outcome”, and [...]
Macmahon denies it won Mongolia contract
ENGINEERING contractor Macmahon Holdings has denied media reports that the company has won a coal mining contract in Mongolia, saying that no formal agreement has yet been reached. But it did confirm today that, in conjunction with Germany’s BBM Operta, Macmahon is holding negotiations with Mongolian state-owned miner Erdenes Tavan Tolgoi JSC on a contract [...]
Coalmines retain their appeal in taxing times
Here you are, providing enormous export income for a country whose gross foreign debt is over the $1 trillion mark and also digging the fuel to keep the lights on throughout the country, and a goodly segment of the political world wants to give you a clip around the ears or even close you down. [...]
Showdown looms in battle for key Mongolia coalfield
THE jostling for the right to develop a massive coalfield in Mongolia is getting rowdier by the day, but industry sources expect the winner to be known by the end of the month. “The Tavan Tolgoi bidding process is in the intensive negotiation phase,” said a person based in Mongolia familiar with the discussions. Luiz [...]
Copper dips on worries over demand
COPPER futures dipped slightly as uncertainty over the Greek debt crisis and views of a weakening US economy weighed on the market. The most actively traded contract, for July delivery, settled down US2.85 cents, or 0.7 per cent, at $US4.0735 a pound on the Comex division of the New York Mercantile Exchange. Copper futures slipped [...]
Beijing battling protest fires on all fronts
AN eruption of protests throughout China has sent armoured vehicles into town centres, prompted an internet blackout by the government and left thousands across the country blogging about “crazy” violence on the streets.
Mongolia in the spotlight
And it is not just the Chinese market – big as it is – that beckons. There is also the growing prospect of railing coal through Russia to shipping on the Pacific coast. Just two weeks ago Thai coal giant Banpu injected $45 million into Hunnu Coal as a means of getting a foothold in [...]
Resource nationalism a curse: Rio CEO
RIO Tinto chief executive Tom Albanese has warned the development of new global resource projects is slowing because of increased government intervention and greater “stakeholder activism” that is halting supply to world markets. In a speech to the Credit Suisse Asian Investment Conference in Hong Kong, Mr Albanese said the supply of metals and minerals [...]