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.
Mongolian Mining Corp. (0975.HK), Mongolia"s top coal producer by volume, has cut its 2013-14 overall output target by over 13% due coking and thermal coal price differentials, logistical issues and weaker demand, Chief Executive Battsengel Gotov told Dow Jones Newswires.
Norov Altanhuyag of the Democratic Party (DP) was confirmed as Mongolia’s new prime minister on Friday, ending weeks of political uncertainty after the party failed to win enough seats in a June election to form a government on its own.
Erdene Resource Development Corp announced that it has entered into a definitive agreement with Advanced Primary Minerals Corporation to exchange all of Erdene's North American property interests, comprised primarily of Erdene's interest in the Donkin Coal Project in Cape Breton, Nova Scotia, for shares of APM.
Canada-based company Prophecy Coal on Thursday said it had temporarily suspended mining since July at its Ulaan Ovoo coal mine, in Mongolia,owing to its 187 000 t stockpile being enough to meet contractual obligations to the end of the year.
Aug. 8 (Bloomberg) -- Coal used to make steel is set to drop to the lowest price in two years, eroding earnings at BHP Billiton Ltd. and Rio Tinto Group, as European demand wanes and China shifts supply contracts to Mongolia from Australia.
Erdene Resource Development Corp. ("Erdene" or the "Company") CA:ERD +4.55% is pleased to announce that it has entered into a definitive agreement (the "Arrangement Agreement") with Advanced Primary Minerals Corporation ("APM") to exchange all of Erdene's North American property interests, comprised primarily of Erdene's interest in the Donkin Coal Project in Cape Breton, Nova Scotia, for shares of APM. The transaction is being completed by way of a court-approved plan of arrangement (the "Arrangement").