September 3, 2013
Source: Bloomberg Businessweek
Rio Tinto Group’s Oyu Tolgoi venture, a $6.6 billion copper and gold project in Mongolia, replaced three board members as it seeks to break an impasse with the country’s government over financing for the mine.
The new directors are Davaadorj Ganbold, executive director at project partner Erdenes Oyu Tolgoi LLC, Ganzorig Temuulen, deputy director of parent company Erdenes MGL LLC, and Chuluuntseren Otgochuluu, director-general of the Ministry of Mining’s Department of Strategic Policy and Planning, Ganbold said today by telephone from Ulaanbaatar. More…
August 30, 2013
Source: Fox Business
A consortium of Chinese investors has demanded a review of a landmark $3 billion deal to produce copper in Afghanistan, the Ministry of Mines said on Monday, putting at risk one of Kabul’s greatest hopes for economic independence.
It said China Metallurgical Group (MCC) and Jiangxi Copper want new terms that would cut their royalties to the government, release them from building a power plant and copper smelter, and postpone the laying of a railway. More…
August 27, 2013
Source: World Bulletin
Mongolia plans to scrap a controversial law designed to curb foreign ownership in what it considers to be strategic sectors, such as mining, a government official said, as the country seeks to kickstart its stalled economy.
The new measure, if passed, will replace the 2012 Strategic Entities Foreign Investment Law (SEFIL), which analysts say has been partly responsible for a slump of 43 percent in overseas investment in the first half of 2013, on an annual basis. More…
August 22, 2013
Source: Mining Weekly
Toronto- and Hong Kong-listed SouthGobi Resources has withdrawn its ‘notice of investment dispute’, which it filed with the Mongolian government in July last year, after it was granted three premining agreements (PMAs).
The PMAs now paves the way for the company to progress to the mining licence application stage. More…
August 16, 2013
Source: Radio Free Asia
Vietnam “feels threatened” by increasing Chinese and Thai investment in neighboring Laos and is concerned that the two countries will dethrone it as the top investor there, according to a senior Lao official.
The concern was expressed in a letter from the secretariat of Vietnam’s ruling Communist Party to its Lao counterpart, the official told RFA’s Lao Service, speaking on condition of anonymity. More…
August 15, 2013
Source: Solomon Time
Papua New Guinea has been losing billions of kina in mineral resources due to lack of strong policies and capacity to properly monitor and regulate the industry.
Enga Governor and host to the world class Porgera Gold Mine, Peter Ipatas in his keynote address to stakeholders during the Mineral Policy and Legislation Division’s regional consultation program in Mt Hagen yesterday said developers were exploiting the mineral sector without any good benefits going back to the country and its people. More…
August 14, 2013
Source: CTV News
Turquoise Hill Resources Ltd. (TSX:TRQ) has reported a bigger second-quarter loss than analysts were expecting.
The Vancouver-based mining company, a subsidiary of Rio Tinto (NYSE:PLC) that’s developing a major copper mine in Mongolia, had a US$105.3-million net loss, or 10 cents per share, in the second quarter. More…
August 13, 2013
Mongolia wants the planned US$5.1 billion expansion of Rio Tinto’s Oyu Tolgoi mine to be financed from cash flow until a dispute over the cost of the biggest foreign investment in the country is resolved.
Cost overruns at the copper and gold mine, 34 per cent owned by Mongolia, are increasing the debt the government owes to Rio’s Turquoise Hill Resources unit, which operates the project, the minister of mining, Davaajav Gankhuyag, said on Friday. More…
August 13, 2013
To boost Papua New Guinea’s economic development, the country needs to prudently manage its natural resources
By John Enos
As one of the most isolated and remote countries on earth, Papua New Guinea (PNG) has caught the eye of investors due to its substantial natural resource wealth. PNG achieved an impressive 8% GDP growth in 2012 and 6.1% growth is projected this year, thanks to the mining sector. Growth is expected to slow to 4%, however, as Exxon-Mobil’s US $19 billion Papua New Guinea Liquefied Natural Gas (PNG LNG) project nears completion in 2014. Revenues flowing to both mining companies and the PNG government have been hit by sliding global commodity prices, highlighting why Papua New Guinea must diversify its economy to avoid the perils of its resource windfall. More…