LARGE COAL DEPOSIT FOUND BY TETHYS MINING
Tethys Mining LLC announced that it has discovered a large coal deposit, Tugalgatai in Murun, Khentii aimag. The deposit is estimated
to be 3 billion tons. The Baganuur mine deposit is estimated to be 1.3 billion and Tavan Tolgoi is at 6.2 billion tons. This discovery would
be Mongolia's second largest coal deposit.
Tethys Mining is a daughter company of the Brazilian company, Vale Inco. The company has plans to operate in Mongolia for the long term
and has invested US $16 million. Tethys Mining owns more than 80 special exploration and development licenses and has already
discovered coal, copper, uranium and nickel deposits. Vale Inco is the second largest mining company and one of the biggest steel
exporters and producers in the world with branches on five continents.
Source: Unuudur
NEWS HIGHLIGHTS:
Business: Anod Bank Going Public; Large Coal Deposit Found by Tethys Mining; FIFTA Cooperates with Trade and Development Bank; QGX Signs
Pre-Mining Agreements; Entree Gold Budgets Exploration
Economy: Producers to Enjoy Soft Loans; Mongolia's Asia-Europe Rail Link Adds Sea Lane Access; Third US-Mongolia Business Forum Held;
MongolBank Monetary Policy; Flour and Rice Reserve for Mongolia
Politics: New Law to Limit Foreign Oil Suppliers as Rosneft Proposal is Considered; Union of the Third Force Formed; Minister Rash Issued
Warning by IAC; 5-Year Extension for Land Privatization
For more business news and membership information on BCM, visit http://bcmmongolia.org/.
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