Mongolia plans to reset stake division for int'l coal development project


ULAN BATOR, Sept.16 (Xinhua) -- The National Security Council of Mongolia has decided to revise the allotment of stake set in a previously signed international investment agreement draft on development at an open pit coal mine in Tavan Tolgoi, southern Mongolia, authorities said Friday.
Early in July, the Mongolian government reached a tentative deal with international investors, under which China's Shenhua Energy Company, U.S. Peabody Energy Corporation and a Russian- Mongolian consortium would hold 40 percent, 24 percent and 36 percent of the stake for developing coal reserves in Tavan Tolgoi, respectively.
Mongolian President Tsakhia Elbegdorj told local media that the tentative investment agreement regarding the international coal reserve development project at Tavan Tolgoi was rejected by the National Security Council last week, claiming the deal did not meet requirements of the National Security Council, which consists of Mongolia's President, Speaker of the Parliament and the Prime Minister.
 A special group, led by First Deputy Prime Minister of Mongolia N. Altankhuyag, is tasked with further study and negotiation with international investors over the coal reserve development project. Enditem
Source:Xinhua News Agency

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