As the Mongolian economy relies on mining as its main source of revenue, here are all the major news concerning the development of mining in Mongolia as well as news concerning mining companies operating in Mongolia.
Mongolia's government said it plans to review all foreign mining investments, but pledged not to single out a deal with Rio Tinto to develop the huge Oyu Tolgoi copper-gold mine, in a move that could calm investor concerns over growing resource nationalism.
Altan Rio Minerals Limited, announces a private placement financing of up to 4,000,000 common share units at a price of CA$0.25 per unit for gross proceeds of up to CA$1,000,000. Each unit will consist of one common share and one-half of one common share purchase warrant.
ASX-listed Guildford Coal was expecting coal production from its Mongolian operation to start in November this year, after its 75%-held subsidiary Terra Energy said that mining would start in the September quarter.
Mongolia"s new government has given its strongest indication yet that it will seek to renegotiate a landmark deal to develop the Oyu Tolgoi project with global mining giant Rio Tinto , adding to uncertainty over one of the world"s largest copper-gold mines.
Investors in Turquoise Hill Resources (previously Ivanhoe Mines) nearing completion of its Oyu Tolgoi project in Mongolia drove up the company's share price 15% last week, despite news that a group of the country's lawmakers wants to grab a bigger stake of the massive coper-gold mine.