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Mining
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Mining
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Sunday, 21 June 2009 14:41 |
GOVERNMENT WANTS TO SUSPEND ALL URANIUM LICENSES
The first discussion of the national policy on radioactive minerals by the Standing Committee on Security and Foreign Policy heard two conflicting views, both forceful, on what the national policy on uranium should be. Mr. Ch.Khurelbaatar opposed the Government proposal to impose total state ownership, especially when it has been seen that Mongolia “cannot mange state concerns responsibly”. Both democracy and the economy “flourish only when private entrepreneurship is allowed to thrive and Mongolia should not follow Hugo Chavez’s way,” he said, expressing concern that if the state decides to own all the uranium in the country, it will mean all existing licenses will be canceled.
The Head of the committee, Mr. Z.Enkhbold, said uranium is not like copper or coal but “is a mineral under international control, and special conditions are placed on its use”. That makes “total Government control of the sector essential”, more since Mongolia has “enough uranium to meet one full year’s global demand”, he said. Minister for Minerals and Energy D.Zorigt agreed that uranium has a special status in international affairs, but assured that “licenses of reliable companies will not be taken back”. Mr. N. Enkhbold wanted uranium to continue being treated as a strategic mineral, but was against canceling or suspending licenses, as “we cannot be seen as changing the rules suddenly in the middle of the game”.Read More...
Source: Zuunii Medee
SHENHUA RETAINS FOCUS ON MONGOLIAN COAL MINES
China Shenhua Energy Co Ltd, the top Chinese coal miner, will not consider buying any major overseas mines before it starts operating the Watermark coal project in Australia. "We will not go for other projects if we have not succeeded in this one, the first step of our overseas efforts," Shenhua board secretary Huang Qing was quoted as saying by the Shanghai Securities News. "Shenhua will take an active and cautious approach (toward overseas buying)."
Mr. Huang said Shenhua would focus on opportunities in Australia, Indonesia and Mongolia that could be potential suppliers to coal users on China's southeast coast. He added that the company was also interested in coking coal resources in Mongolia. He downplayed concerns over the impact of rising coal imports on the domestic market, saying most of the coal was still supplied by domestic producers. China's major power companies stepped up coal imports this year as they failed to reach price agreements with domestic coal miners for annual supply contracts.
Coal imports in April soared to a record high of 9.16 million tons, up 3.4 million tons from a month earlier and far above market expectations. Imports in the first four months surged 56 percent to 22.77 million tons.
CHINESE FIRM TO EXTEND OIL DRILLING WORK AFTER INITIAL SUCCESS
PetroChina, the largest oil/gas producer and distributor in China, is also the leading Chinese company operating in Mongolia in terms of the amount invested. China National Petroleum Corporation (CNPC) is the sole shareholder of PetroChina which, in turn, set up PetroChina Daqing Tamsag LLC in Mongolia in 2005. Its president, Mr. Fang Baocai, says the company has made about 300 drillings in Tamsagbulag basin, Dornod province, since 2005 and has found oil in 70 of them. Since 20% success is considered adequate, “we are extending our operation," Mr. Fang added.
PetroChina Daqing Tamsag holds exploration rights in Contract Blocks XIX, XXI & XXII in Tamsagbulag basin. In 2005, it paid USD940,962 into Mongolia's state budget, and after a drop (USD301,0951) in 2006, this amount rose to USD6,563,282 in 2007, and then to USD17,897,246 in 2008. Last year it employed 3,972 employees and the number is expected to reach 5,064 in 2009.
Source: Montsame
WORLD BANK BOSS URGES TRANSPARENCY TO ATTRACT PRIVATE INVESTMENT
In a public address in Ulaanbaatar last week, Dr. Juan Jose Daboub, the World Bank’s managing director for operations in 74 countries, said, “Mongolia has managed the transition of its economy and politics since 1991 very well, but the impact on the country of the present global economic crisis has revealed the need for continued reforms.” During a three-day visit to Mongolia Mr. Daboub met Government officials, parliamentarians, members of the business community, civil society, and other development partners, in addition to seeing first-hand how the crisis has hit the most vulnerable in Ulaanbaatar as well as in Mongolia’s outlying rural communities.
Referring to the possible contribution of the mining sector to the economy, Mr. Daboub said, “From my conversations, it is clear to me that there is a common vision and a strong desire to develop the mining sector in a sustainable and transparent way in order to benefit present and future generations of Mongolians. We stand ready to continue to support the authorities in this endeavor.”
In his meetings with representatives from the civil society and the private sector, Mr. Daboub highlighted the important role of the private sector as creator of sustainable jobs, growth and development. Read more…
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Last Updated on Sunday, 21 June 2009 22:05 |
Home > Mining > BCM Mongolia Newswire: Control of Uranium, Focus on Coal, Extending Oil
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