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-based Erdenes-Tavan Tolgoi Co. said Tuesday the company's planned $3 billion Hong Kong, London and Ulan Bator initial public offering is unlikely to be held before the end of the third quarter because of poor market conditions and weak coal prices.
Walter Energy (NYSE:WLT) reports that its third quarter earnings will include a goodwill impairment charge of up to $1.1 billion, resulting from modifications in the world outlook for met coal, along with sluggishness of late in global demand.
Coal miner Peabody Energy Corp., who was offered a contract to develop Tavan Tolgoi's West Tsankhi, raced past analysts' estimates as cost cuts started to pay off and sales volumes in Australia climbed on a pick-up in demand from China, sending its shares up as much as 14 percent.
Caterpillar Inc., the heavy machinery brand distributed by Wagner Asia Equipment LLC in Mongolia, slashed its 2012 forecast for the second time this year and warned the global economy was slowing faster than it had expected.
A recent drop in the share price for Entrée Gold, Inc., has been labeled “disappointing,” but the Canadian mining exploration company working in Mason Valley says it does not feel that decline reflects the underlying value of either of its two main projects, including the Ann Mason Project.