Mongolia allows Chinese, U.S. firms to develop key coal deposit

08:38, July 06, 2011      

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Chinese and U.S. firms are among the several foreign partners selected by Mongolia to jointly develop its lucrative Tavan Tolgoi coal deposit, the government announced Monday.

According to a draft agreement sealed on the day, China Shenhua Group, U.S. mining giant Peabody and a Russia-led consortium have gained permission to develop the western Tsankhi block of the Tavan Tolgoi coal deposit in Mongolia's southwestern Omnogovi province.

Shenhua and Peabody will respectively own 40 percent and 24 percent of shares of the project. But a final decision will be made during a parliamentary meeting scheduled next Monday.

The Tsankhi block of the Tavan Tolgoi coal deposit contains an estimated reserve of 1.2 billion tons -- mostly coking coal used for steelmaking. The deposit could produce 15 million tons of coal annually for more than 30 years.

Source:Xinhua
 
 
     
 
 
 
     
 
 
 
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(Editor:刘晓宁)

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