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
LONDON – Major mining companies have strong interest in buying a Oyu Tolgoi share in the copper-gold project in Mongolia is shown, majority owner Ivanhoe Mines (IVN.TO) said Wednesday. “We’ve had a lot of interest, we have a lot of interest from other majors had,” Vice-Chairman Peter Meredith said on the sidelines of the World Mining Investment Congress. He added the sale would be done with the knowledge of Rio Tinto (RIO.L) (RIO.AX), the operator of Oyu Tolgoi to be due to one of the three world’s largest copper-gold mines. Read more
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Mongolia, seeking $ 25 billion to develop metal resources and coal, has suspended the issuance of operating permits and prohibits the practice of transferring permits that companies can not explore minerals. Tsakhia Elbegdorj President gave the order to head the National Security Council, according to a statement posted on the presidential Web site. The freeze will remain in place until new legislation is passed, the statement said, without saying when the legislation could come into force. Read more
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Gold may rise in London, extending the fourth consecutive week in advance, as the unrest in Libya marks the demand for the metal as an alternative investment.
Gold is up 0.9 percent this week, heading for the longest weekly advance since October. Libyan leader Muammar Gaddafi will strengthen its defense of the capital Tripoli tanks and opponents consolidated control of the oil-rich east of the country.
“As to intensify protests in Libya, we expect gold and silver are supported by the flight to safety demand,” James Moore, analyst at TheBullionDesk.com in London, said today in a report.
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U.S. crude oil rose to nearly $ 92 a barrel on Wednesday, boosted by a fall in the dollar over two months lows, while Brent crude extended gains on concerns over a supply crunch.
The discount for U.S. crude futures benchmark West Texas Intermediate (WTI) v Brent remained strong at more than USD 6 per barrel, but below the $ 8 level reached before the February Brent contract expired last Friday. (more…)
Woods Hole Oceanographic Institution researchers have mapped out a meandering, 22-mile undersea oil smoke plume from the BP PLC well in the Gulf of Mexico, work say it provides strong evidence that oil from the disaster remain locked deep in the ocean a prolonged period.
The study published yesterday is based on sensitive measurements end of June, and the findings contrast with recent statements by top government officials officials that most of the oil from the world’s largest marine spill was gone or rapidly degrading.
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