Dec 3 2014
Mongolia has restarted bidding for development of the giant Tavan Tolgoi coal project as it tries to boost a flagging economy hit by falling commodity prices and a decline in foreign investment.
A consortium comprising China Shenhua Energy (OTCPK:CUAEF), the world's largest coal producer by volume, Sumitomo Corp. and a subsidiary of Mongolian Mining (OTCPK:MOGLF) has submitted a bid; Peabody Energy (NYSE:BTU) and a local Mongolia mining firm also submitted separate bids.
Tavan Tolgoi holds ~7.5B metric tons of coking coal, but Mongolia's cash-strapped
government has struggled to finance its development
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