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Report: Mongolia ready to work with foreign investors on Tavan Tolgoi mine

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Report: Mongolia ready to work with foreign investors on Tavan Tolgoi mine

A minister in Mongolia said the country is ready to work with foreign investors on the Tavan Tolgoi deposit, one of the world's largest untapped coking and thermal coal deposits, with a total estimated reserve of 6.4 billion tons, Xinhua news agency reported Sept. 4.

Mongolian Minister of Mining and Heavy Industry Dolgorsuren Sumiyabazar made the announcement during the 8th Coal Mongolia International Conference and Exhibition. The international conference is being held after Mongolia decided to sell up to 30% of the Tavan Tolgoi coal property through a partial IPO of state-owned Erdenes Tavan Tolgoi LLC, the report said.

The Mongolian minister expects mining to be a leading sector in the country for the next 20 to 30 years.

The 8th Coal Mongolia International Conference and Exhibition has attracted 3,000 participants, including around 600 officials and investors from 15 countries including China, Australia, Canada and Britain, the report said.