Foreign investors in mineral-rich Mongolia hopes that Parliament will repeal a controversial law against mining in the river and forest areas of the country as it gathered for its busy autumn session next month. The ban, imposed in 2009, was derided as “half baked” and “reflex” by representatives of foreign investors in mining Ulan Bator. While dozens of projects were shut down, hundreds more remain in operation, but in a state of legal limbo.
“Nobody really knows what projects are banned – the problem is you do not know if you wake up one morning and find that the laws have changed and you mine is no longer legal,” said a representative of a foreign mining company in Ulan Bator . Read more
Mineral explorer China International Gold Resources (TSX: CGG) (HKEx: 2099) confirmed Monday it’s a big drilling campaign on Her Chang Shan Hao gold mine in Inner Mongolia, China. The drill program, which began on May 20, when export of root from approximately 55,000 meters of diamond drilling in more than 100 boreholes. Currently, 11 drill rigs in operation on the site.
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Canadian stocks rose the most in one week, led by producers of precious metals and energy commodities rally on a drop in U.S. dollar.
Barrick Gold Corp., the world’s largest producer, got 2 percent as the metal advanced. Suncor Energy Inc., Canada’s largest oil and gas producer, rose 1.6 percent after Macquarie Group Ltd. strengthens its oil price forecasts. Teck Resources Ltd, the largest base of Canada’s metals and coal producer, rose 3 percent as copper climbed. Read more
The mining sector is the main driver for the Mongolian economy. In 2001, mining earned only U.S. $ 110mn, making up 9.5% of GDP. But in 2010 we expect a relatively large mining revenues total U.S. $ 2.4 billion and dwarf all other economic sectors, representing more than half of the total economy. The growth of the Mongolian mining industry is just beginning, the country has vast untapped mineral resources and yet to be fully explored.
The two giant projects will lead to both come on stream in 2013. The largest is the gold / copper mine at Oyu Tolgoi is considered that the potential to be one of the richest in the world mine production and reserves during the last 60 years. The other is the 6.4bn tonnes of coking coal deposits at Tavan Tolgoi, which, although smaller in the financial potential is still to attract the attention of the biggest corporate players in the mining world. Read more
Tags: <coal mining, copper mine, gold mining, mining company, mining exploration project, mining market report, mongolia mining report>, Mongolia Mining Industry, Mongolian Mining Sector, Mongolian Mining Industry, Mongolian Mining Projects Report 2011, Mongolia Mining Projects, Mongolia Mining Sector Growth, Mongolia Mine Project 2010, Monglian Mining Financial Report, Mongolia Mining Sectors Problems, The Mineral Industry Of Mongolia
Rio Tinto Group, the world’s third largest mining company, it is unlikely that a bid Potash Corp. of Saskatchewan Inc. make UBS AG said after a meeting with the Chief Executive Officer Tom Albanese.
“A bid or even a joint bid for Potash Corp., as stated in the press, much of it done,” UBS analysts led by Glyn Lawcock and Olivia Ker said in a report yesterday. The company is focused on growth through expansion and acquisitions of a “small to moderate” size, Ker said, citing Albanian. Read more
Tags: <BHP Billiton, BHP Billiton (BHP) and Rio Tinto (RIO), largest mining company, Potash Corp., Rio Tinto Group, Saskatchewan Inc., ubs ag>, Potash Corp, Albanian Mining Industry, Albanian Nickel Production, Potashcorp Underground Mining Pictures
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