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Friday, 23 October 09
IVANHOE TARGETING 20 MILLION TONS OF COAL OUTPUT IN MONGOLIA


Bloomberg reported that, Ivanhoe Mines Ltd., developing a $4 billion copper and gold mine in Mongolia with Rio Tinto Group, is targeting long-term coal production of 20 million tons a year from the country.

The company, through its SouthGobi Energy Resources Ltd. unit, wants to supply 1 percent of China’s coal supply within 10 years, Chairman Robert Friedland said today in an interview in Beijing. China is the world’s biggest coal consumer.

Mongolia may become the “Saudi Arabia of coal,” Friedland said earlier at the China Eurasia Investment Forum.

SouthGobi’s Ovoot Tolgoi mine, located 45 kilometers (28 miles) north of the border with China, has 114.1 million metric tons of coal reserves, according to an October presentation on the company’s Web site. It’s targeting sales of almost 15 million tons by 2015.

Third-quarter coal sales from Ovoot Tolgoi were forecast to rise 17 percent to 450,000 tons, according to the presentation.

Ivanhoe Mines, based in Vancouver, owns 80 percent of SouthGobi.
Source: Bloomberg



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Recent News

Sunday, 04 October 09
GOVT THREATENS TO CANCEL COAL BLOCK ALLOTTED TO BINANI CEMENT
Economic Times reported that, The government has threatened to cancel a coal block allocated for captive use to Binani Cement saying the company see ...


Saturday, 03 October 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AROUND US$ 17,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR
COALspot.com (Singapore): The BDI firmed up this week by almost 8 pct to 2,357 points , the main reason being jump in Cape size index by almost 22 p ...


Friday, 02 October 09
C&O SEES INDONESIA COAL PURCHASES UP 20 PCT IN 2010
Reuters reported that, Dubai-based coal trader Coal & Oil (C&0) expects its coal purchases from Indonesia to increase by at least 20 percent ...


Thursday, 01 October 09
MJUNCTION LAUNCHES INDIA'S FIRST COAL SPOT PRICE INDEX
• Named 'MJcomposite, MJsteel, MJcement, MJpower' the value weighted index will benefit Indian coal buyers by minimising risk against pr ...


Wednesday, 30 September 09
INDIA CEMENTS SET TO PRODUCE POWER; EYES COAL MINE IN INDONESIA
Financial Express reported that, Tamil Nadu-based India Cements Ltd (ICL) has firmed up plans to produce power to meet its current and future requir ...


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