Mongolia’s prime minister says development of giant copper-gold mine, coal mine on track

HONG KONG — Mongolia’s prime minister says a huge copper and gold mining complex in southern Mongolia is on track to be completed next year.
Sukhbataar Batbold also said Tuesday the government is aiming to choose a bidder for the giant Tavan Tolgoi coal mine this year
Canada’s Ivanhoe Mines and Anglo-Australian Rio Tinto are jointly developing the $4.6 billion Oyu Tolgoi copper and gold mine. It is expected to produce 1.2 billion pounds of copper and 650,000 ounces of gold per year in the first decade of operation.
Mongolia is inviting foreign companies to bid to operate Tavan Tolgoi, which is estimated to hold 6 billion metric tons of steelmaking coal. Batbold spoke to reporters on a visit to Hong Kong.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

source: AP




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