Mongolian and Japanese policy-making organs on mining and coal sectors have co-organized a seminar entitled “Clean coal technology” with aims to stimulate coal exploitation and processing activities and the export.
In its regular meeting, the government of Mongolia has made a decision to construct oil refineries which have the capability of processing 2.5 million tons of crude oil a year under a national goal of providing the domestic market with petroleum.
Ranked fifth in the world by gold and copper resources, the Oyu Tolgoi mineral deposit is located in southern region of Mongolia. The transnational Rio Tinto Group is doing exploitation works there.
According to the Mining Weekly, the Turquoise Hill Resources is projected to raise money of 6.8 billion US dollars by end of this year for financing the Oyu Tolgoi underground mine.
The CEO of Erdenes Mongol LLC B.Byambasaikhan has announced the first installment – USD 4.2-4.6 billion – of the funding for Oyu Tolgoi Project (Phase II) Underground Mine Development will be taken out as loans from 19 international banks.