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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

Friday, 25 September 09
FREIGHT RATE CUTS MAKING SOUTH AFRICAN COAL MORE COMPETITIVE IN ASIAN MARKETS
Mining Weekly reported that, Coaltrans South Africa MD Gerard Strahan highlighted the country’s sudden increase in coal exports to southern Ch ...


Friday, 25 September 09
XSTRATA TO BUILD ITS OWN RAIL CAPACITY TO SHIP AUSTRALIAN COAL
Bloomberg reported that, Xstrata Plc, the world’s largest exporter of coal used by power stations, will establish its own rail haulage capacit ...


Thursday, 24 September 09
INDIA CEMENT CO'S TO AWARD 200,000T COAL TENDER
Reuters reported that, India's biggest cement maker ACC Cement Ltd and Gujarat Ambuja will award on Thursday Sept 25 a tender for 100,000 tonnes ea ...


Thursday, 24 September 09
YUDEAN TO SIGN CO-OPERATION LETTER OF INTENT WITH RUSSIA COAL TRADE COMPANY
In the recent days, Gao Shiqiang, deputy manager of Yudean Group Co., Ltd. went and carried out the friendly talks with SUEK and inked the trade co- ...


Thursday, 24 September 09
ANGLO EYES DOUBLED METALLURGICAL COAL OUTPUT BY 2018
Mining group Anglo American could double its production of coal used for steel making by 2018 if all of its unapproved projects went ahead, the comp ...


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