Garrison International
Ltd. has announced that construction of a processing facility on its Tovshiir
gold project in Mongolia has recommenced. Blair Krueger,
president of Garrison, reports,"The financial crisis that significantly
delayed Garrison in the development of this operation is now behind the
company.
Parliament Speaker D.Demberel has met with a
team from the European Bank for Reconstruction and Development led by Olivier
Descamp to discuss areas of cooperation.
Goldman Sachs is believed to have filed a case
against Mongolia
in an international arbitration court in matters relating to Mongol Gazar and
the Olon Ovoot mines.
Rio Tinto is
planning to expand its next generation technology program, Mine of the Future,
to develop new equipment and systems for deep underground mines.
Despite assurance from Minister for Minerals and
Energy D.Zorigt that the contract mining method favored by Prime Minister
S.Batbold to allow Mongolia
to retain 100% ownership of would find takers, there has so far been no indication
how investors see the proposal.
Japan
Bank for International Cooperation, the state-run lender that backed a 100
billion yen ($1.1 billion) Samurai bond issue by the Philippines last month,
approached Vietnam and Mongolia to discuss similar sales, the Bloomberg said.
Rio Tinto has agreed to acquire 15 million shares in
Ivanhoe Mines Ltd at a subscription price of C$16.31 per share, increasing
its ownership in Ivanhoe Mines by 2.7 per cent to 22.4 per cent. The total
consideration for this acquisition is C$244.7 million.
According to a briefing by the Director of the
Government Office, Ch.Khurelbaatar, the Government meeting on Thursday heard
the report of the Director of the Nuclear Energy Authority on several issues in
the uranium sector, including how licenses are issued and how foreign license
holders have been selling their shares.
Energy Resources LLC, a
closely held coking coal producer in Mongolia, is considering an initial public
offering in Hong Kong or London, the majority shareholder said according to the
Bloomberg.
The Oyu
Tolgoi copper-gold deposit’s feasibility study was returned back to its
investor of Ivanhoe Mines Mongolia Inc.
Parliamentary
Standing committee on security and foreign policy set up a working group to
revise the technical and economical feasibility study of the Oyu Tolgoi
project.
The Government meeting yesterday reviewed the
progress of work on the Oyutolgoi project. Minister for Minerals and Energy
D.Zorigt said 7 of the 12 issues to be resolved in the six months before
implementation begins have been resolved.
There are 1,170 mines and over 8,000 sites containing 80 types of minerals
registered in Mongolia.
The mining sector accounts for 30 percent of GDP, 65.5 percent of total industrial
products and 88.2 percent of exports.
Prime Minister S.Batbold has said initial
public offerings of Mongolia's State-owned mineral assets could take more time,
as the Government works on upgrading the stock exchange to facilitate dual
listings,.
Mongolia is now desiring to make a historic jump
to economic revolution, Prime Minister S.Batbold said in his
opening speech at the first ever meeting of Mongolia Economic Forum in
Government House, Ulaanbaatar, on Monday.
The Oyutolgoi investment agreement, signed on
October 6, will take full effect on April 6 when operations will formally
begin. Ivanhoe Mines Mongolia Inc (IMMC) has already been renamed Oyutolgoi
LC.
Prime Minister S.Batbold yesterday met with the
working group on Tavantolgoi, set up by Parliament to prepare general
procedures for exploiting the mine.
President Ts.Elbegdorj met with Mr. Caio Koch-Weser, Vice Chairman of the Deutsche Bank
Group, during Davos Summit. Mr. Caio Koch-Weser
is a former the Deputy Minister for Finance of Germany and a leading economist
of Germnay.