Mineweb / Reuters: 6 bidders left in tussle for Mongolia’s Tavan Tolgoi coal deposit

ArcelorMittal , Vale and Xstrata are among six bidders short-listed to develop Mongolia’s Tavan Tolgoi mine, the world’s largest untapped coking coal deposit, Mongolia said on Monday. U.S. coal miner Peabody, a consortium of Chinese energy firm Shenhua and Japan’s Mitsui & Co, and a separate consortium of Japanese, South Korean and Russian companies are the other preferred bidders, said Erdenes MGL, the government body which controls Tavan Tolgoi. The firms are vying to develop the west Tsankhi block of the mine, which one of the South Korea bidders estimated could need an initial investment of around $7.3 billion. The block has 1.2 billion tonnes of coal reserves and could produce 15 million tonnes annually for more than 30 years. To read the full article, click here6 bidders left in tussle for Mongolia’s Tavan Tolgoi coal deposit

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