Mongolia's prime minister completes UAE visit

Prime Minister Ch Saikhanbileg of Mongolia recently finished a two-day visit to the United Arab Emirates with a discussion about Mongolia mining and infrastructure investments with HE Mohammed bin Rashid Al Maktoum, the vice president and prime minister of the United Arab Emirates.

Two days earlier, Saikhanbileg sealed a landmark mining deal involving Mongolia, Turquoise Hill Resources, Rio Tinto and Erdenes Oyu Tolgoi. The multibillion dollar deal concerns the Oyu Tolgoi copper-molybdenum-gold mine, which experts have estimated as the third-largest copper mine in the world. The mine will soon be expanded, and this deal shows the substantial improvement in investing and prospects in Mongolia.

"Having what we consider to be one of the best coking coal assets in Mongolia, our strategy in 2011 was to complete an initial public offering for Gobi Coal on the Toronto Stock Exchange when public markets and coal prices were near their peak values and to grow the company in Mongolia,” Gobi Coal Chairman Mohammed Munshi said. "Gobi Coal has considered more than 20 different strategic and high value coal companies for consolidation and is currently focusing on 4 of high interest with the support and advice of its major shareholder Aabar Investments."

Organizations in this Story

Erdenes Oyu Tolgoi Rio Tinto Turquoise Hill Resources

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