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Mining Industry officials meet with delegations from China Shenhua www.mongolia.gogo.mn
Mining and Heavy Industry Ministry officials today received delegations from China Shenhua Energy Company Limited.
During the meeting, China Shenhua proposed to commence Tavantolgoi`s power station, railway construction and mining projects at the same time.
Previously, China Shenhua has expressed incentives to invest in Tavantolgoi coal deposit. The company has won the bid, announced by the previous government, establishing a consortium agreement jointly with the Energy Resource LLC and Japanese Sumitomo Corporation.
According to the consortium agreement, China Shenhua has announced to invest US$ 4 billion to Tavantolgoi coal deposit. However, a working group, led by MP L.Erdenechimeg deferred the agreement, noting that the agreement would result in significant loss to our country.
Following, due to the coal price drop on international market, the negotiations on the agreement have been halted.
China Shenhua expressed incentives to invest Tavantolgoi coal deposit after the establishment of new Government of Mongolia, led by Prime Minister J.Erdenebat.
Mongolia is to violate the recommendations, approved by the National Security Commission, if Shenhua Group operate alone in Tavan Tolgoi group deposits. Because China plays important role in the foreign trade and foreign investment of the country. Meanwhile, the recommendations, approved by the National Security Commission does not support too much dependence on foreign countries.
Published Date:2016-12-09
