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Mining and Minerals
Garrison International purchases gold site from Asia Intercept Mongolia PDF Print E-mail
Monday, 09 July 2007

Garrison International Ltd. (TSX VENTURE: GAU) has purchased its second Mongolian gold mining site. Located in Sukhbaatar Province, some 420 kilometers southeast of Ulaanbaatur, the site is considered to have a larger potential than previously developed. From 2002 through 2005, a Mongolian company excavated one ton per day at the site. In purchasing the rights to the site, Garrison International Ltd. paid $300,000 to Asia Intercept Mongolia LLC for 100 percent title rights. Garrison International Ltd. is expected to spend just under $2 million on site exploration over the next five years.

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East Asia Minerals to mine uranium at Ingiin-Nars PDF Print E-mail
Friday, 06 July 2007

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East Asia Minerals Corporation (TSX VENTURE:EAS) has acquired the rights to mine uranium at a portion of the Ingiin-Nars Uranium Deposit. The mine is located about 500 kilometers southeast of Ulaanbaatur.  

The Ingiin-Nars Uranium Deposit was first explored during the Soviet era. Current estimates put existing uranium deposits at the site as considerably higher than earlier projected. 

Initial findings have shown the site has uranium deposits seven meters thick in zones as wide as 400 meters and stretching for 4.5 kilometers. 

Besides working at Ingiin-Nars, East Asia acquired the Ooshiin Govi site in late 2006. During the winter of 2007, drilling by East Asia indicated large uranium deposits at Ooshiin Govi. In May, 2007 the Company acquired the Ulaan Nuur project containing an estimated 22 million pounds of uranium. 

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Deal near on sending Russian oil to China thru Mongolia PDF Print E-mail
Wednesday, 04 July 2007

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Reversing an earlier decision, Russia’s Rosneft company has apparently agreed to transport 200,000 metric tons of oil monthly through Mongolia to China. 

On May 30, Rosneft had announced they would no longer be able to supply oil to China via rail through Mongolia. At the time, the company was seeking reductions in rail tariffs to make the trip feasible. 

Rosneft has said they need an $8 per metric ton of oil reduction in rail costs to allow them to profitably transport oil to China. 

Following negotiations, it appears the Russian rail monopoly, Russian Railways company, has agreed to a 22 percent tariff discount. Rosneft had previously asked for a 30 percent reduction. 

UNIPEC, the trader of China’s Sinopec company, has also agreed to certain price changes to allow Rosneft to come closer to its targeted transportation price. 

The final hurdle, expected to be overcome within days, is with Ulan-Bator Railway (UBRW), a Russian-Mongolian company. However, it is believed UBRW will also reduce its tariff to allow the deal to proceed. 

Rosneft will transport oil by rail through the Naushki passage at the Russia-Mongolia border. In addition, Rosneft currently transports oil to China through Manchuria.

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Larger than expected uranium deposits discovered at Emeelt uranium site PDF Print E-mail
Wednesday, 04 July 2007

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Mega Uranium Ltd. (TSX: MGA)  and Red Hill Energy Inc. (TSX VENTURE: RH) have announced the discovery of three large uranium deposits in the Emeelt uranium site, 350 kilometers southeast of Ulaanbaatur. 

The 62 square meter site is now scheduled to be explored to a depth of 1,200 meters to determine the available uranium for possible extraction. 

Reports indicate radioactive leakage near the Ulaan Nuur Fault zone, leading mining officials to believe significant deposits may lie below the surface. 

While uranium was first discovered in this area by Russian and Mongolian Geologists in 1979, the current exploration is unearthing deposits larger than previously anticipated.

 

uranium: http://upload.wikimedia.org/wikipedia/en/thumb/d/d8/HEUraniumC.jpg/750px-HEUraniumC.jpg

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Oyu Tolgoi agreement calls for building of Mongolian smelting operation PDF Print E-mail
Tuesday, 03 July 2007

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Details of the historic agreement to allow the development of the Oyu Tolgoi mine by Ivanhoe Mines Ltd. and Rio Tinto indicate the mining company will have to build a smelting operation in Mongolia. Also, the mining companies will have to sell gold extracted from the mine to the Mongolian Central Bank. 

Oyu Tolgoi is considered to be the largest untapped copper and gold mine in the world. 2005 estimates put the annual yields from the mine at 450,000 tons of copper and 330,000 ounces of gold to be extracted beginning in 2010. 

However, the government of Mongolia and the mining companies spent five years negotiating over how revenues will be equitably divided. 

By creating the smelting operating in Mongolia, mine officials will avoid paying a 68 percent windfall profit tax to Mongolia. 

The agreement to allow for the mining of Oyu Tolgoi has been approved by the Cabinet and must now receive approval of the Parliament.

Image source: http://www.ot.mn/index.php?module=gallery&sec=view&id=287

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Price of developing Mongolia's Oyu Tolgoi expected to rise to $3 billion PDF Print E-mail
Friday, 29 June 2007
Oyu Tolgoi Town
Oyu Tolgoi Town
As new plans evolve for developing Mongolia’s largest mining project, the cost of the venture is also increasing, according to nervous investors. 

Development of the Oyu Tolgoi copper and gold mine, located in the south Gobi region, is being jointly developed by Rio Tinto and Ivanhoe Mines Ltd. Costs for the project have risen to just under $3 billion while, at the same time, the Mongolian government has agreed to hold 34 percent of the ownership of the project. 

Following five years of negotiations, an agreement to develop Oyu Tolgoi was approved Tuesday by the Mongolian Cabinet. The final step in enacting the agreement is dependent upon its approval by Mongolia’s Parliament. 

During negotiations with the government, it was decided to increase by 30 percent the amount of minerals to be extracted. This evolving plan quickly pushed the development costs higher than previously budgeted for. 

Forecasts issued by Ivanhoe in 2005 called for annual production of 450,000 tons of copper and 330,000 ounces of gold to be extracted annually beginning in 2010.

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