Toshiba seeks mineral resource development in Mongolia with local firm

TOKYO, Nov. 26, 2010 (Kyodo News International) -- Toshiba Corp. (OOTC:TOSYY) said Friday it has inked a memorandum of understanding with a Mongolian consultancy for possible cooperation in developing mineral resources including uranium and rare earths, and enhancing social infrastructure in the resource-rich nation.

Through the tie-up with MNFCC LLC, Toshiba aims to explore future business in Mongolia,following an agreement earlier this month between Japanese Prime Minister Naoto Kan and Mongolian President Tsakhia Elbegdorj to accelerate efforts to boost bilateral economic ties and cooperate in developing mineral resources, it said.

Under Mongolia's public-private partnership program, MNFCC is charged with providing strategic advice and policy implementation in the areas of mineral resources, energy and social infrastructure, it said.

The Japanese machinery manufacturer will conduct feasibility studies on such infrastructure as thermal, nuclear and solar power systems, and transmission and distribution networks, while seeking to secure a stable supply of mineral resources, it said.
(Source:Kyodo News International )