Mongolia Restarts Bids for Giant Coal Project

An excavator loads coal onto a dump truck at the Tavan Tolgoi coal deposit in Mongolia.ENLARGE
An excavator loads coal onto a dump truck at the Tavan Tolgoi coal deposit in Mongolia. Bloomberg News
BEIJING—Five mining companies, including one international consortium, have submitted fresh notice this week of their planned bids to develop Mongolia’s giant Tavan Tolgoi coal deposit, as the landlocked Asian nation restarts a long-awaited tender.
A consortium comprising China Shenhua Energy Co. , the world’s largest coal producer by volume, Japan’s Sumitomo Corp. and a subsidiary of Hong Kong-listed Mongolian Mining Corp. , has submitted a bid, Yaichil Batsuuri, chief executive of the mine’s state owner, told The Wall Street Journal on Wednesday.
U.S. Peabody Energy Corp., the world’s largest closely held coal producer, and a local Mongolia mining firm also submitted separate bids, said Mr. Batsuuri, who leads Erdenes Tavan Tolgoi JSC, the project’s owner.
Mongolian Mining Corp. said in a statement its subsidiary Energy Resources LLC is taking part in a consortium. The other companies didn’t have or weren’t immediately available for comment.
The companies were required to file a notice of their intention to bid by Monday this week, Mr. Batsuuri said. A decision on their bids is only expected after a new government is formed in Mongolia, Mr. Batsuuri said—which means no firm deadline has been set.
Ulan Bator’s government is in flux as Prime Minister Saikhanbileg Chimed, newly appointed last week after the ouster of his predecessor, tries to build a coalition.
Tavan Tolgoi is the largest coal deposit in the world.
Write to Chuin-Wei Yap at chuin-wei.yap@wsj.com

Source:Wall Street Journal
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