News briefs

  • Wolf Petroleum, formerly Strzelecki Metals, has signed a production sharing contract for the  23,047-sq km Sukhbaatar exploration block 27, located in and eastern Mongolian region with proven and producing petroleum systems and adjacent to Wolf’s existing BU Block.
  • The Vancouver-based Turquoise Hill Resources -- formerly known as Ivanhoe Mines Ltd. -- says its third-quarter net income shot up to $114.3 million, largely due to a $176.2-million increase in the fair value of certain derivatives.
  • Entree Gold Inc. has filed its interim operational and financial results for the quarter ended September 30, 2012.  Its highlights include references to the Lookout Hill Joint Venture in Mongolia where the company looks forward to development production from the Lift 1 underground operations on the Entree-OTLLC joint venture ground expected as early as 2015.
  • The scale and pace of Asia’s rise in the coming decades offered opportunities for Australia across all sectors of the economy, including natural resources, Deputy Prime Minister and Treasurer Wayne Swan said in a statement following the release of Prime MinisterJulia Gillard’s foreign policy plan aimed at improving Asian ties.
  • Prophecy Coal has said a preliminary economic assessment (PEA) for its two Chandgana Tal mining licences contain an estimated 124 million tons of coal in the measured resources category, providing for a potentially economically viable project.
  • A group of Mongolian herder households filed a complaint demanding just compensation for the impacts of Rio Tinto’s Oyu Tolgoi copper and gold mine and its associated facilities in the South Gobi desert.
  • Voyager Resources plans to resume diamond core drilling in its 80% owned KhulMorit project later this year to focus on copper porphyry.
  • Aspire Mining Ltd. has already defined the second largest coking coal reserve in Mongolia, after TavanTolgoi, and additional coal intersected during drilling outside the existing resource at its Ovoot coking coal project could increase the size.  There is still plenty of room for Ovoot to grow into a Tier 1 resource, with only around 20% of the Ovoot Basin explored by Aspire. The miner has identified an extension of coal 800 metres to the northeast that could potentially add to existing open-cut coal reserves. The further exploration success now potentially brings the Ovoot project open-pit coal resource and reserves within around 1 km of the underground resource to the northeast.
  • Those with axes to grind have been out there for some months trying, but mostly failing, to make their political points criticising the environmental record of the provider of the metal which goes into the minting of the Olympic gold, silver and bronze medals.  Virtually all of this metal is being donated by Kennecott, the Rio Tinto subsidiary which operates the huge Bingham Canyon mining complex outside Salt Lake City in Utah.  A small percentage of the metals (about 1%) has been sourced from development ore from Oyu Tolgoi.
  • Resource deals dominated China’s outbound investment of $21.4 billion in the first three months of 2012, with assets in South America the most sought after by mainly State-backed buyers, a study shows.A $4.8-billion deal struck in March by state-controlled Sinopec, China’s second-largest oil-and-gas producer, for 30% of Petrogal Brazil was the quarter’s single biggest deal and one underlining an emerging trend of China purchasing minority stakes.
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