AN initial NI 43-101-compliant mineral resource has been estimated for Discovery Zone and Union North, two of 18 target areas identified to date at Erdene Resource Development Corp’s Altan Nar Gold-Polymetallic Project in southwest Mongolia. There are indicated resources of 147,000 ounces gold equivalent averaging 2.5 grams/tonne gold equivalent and inferred resources of 102,000 ounces gold equivalent averaging 2.1 grams/tonne.

FOLLOWING a successful 2014 exploration program Xanadu Mines’ 2015 program will cover the Kharmagtai and Oyut Ulaan copper-gold projects. The company has started field activities at Oyut Ulaan where it found outcropping high-grade gold and copper during initial works in 2013.

PROPHECY Development Corp has been advised by the Mongolian Government that the Chandgana Mine Mouth Power Plant Project of subsidiary Prophecy Power Generation (PPG) is on a list of advanced and qualified concession projects to be fast-tracked.

By John Miller, editor, The ASIA Miner

DESPITE the well-documented suffering experienced by Mongolia’s mining industry, newly-listed Tian Poh Resources has great confidence in the country’s future and is investing heavily in its undoubted mineral potential. While many resource companies are in hibernation during this difficult time, Tian Poh sees it as a time of great opportunity to raise funds and secure mineral properties with plenty of upside.

The Mongolian Government has approved the underground expansion of the Oyu Tolgoi Copper-Gold Project in the country’s south. Prime Minister Chimediin Saikhanbileg announced on Sunday that Cabinet had decided to proceed with the second phase which will cost almost US$5 billion.

Erdene Resource Development Corp has received an initial mineral resource estimate for Discovery Zone and Union North, two of 18 target areas identified to date at the Altan Nar Gold-Polymetallic Project in southwest Mongolia. The resource is contained in a report produced by RungePincockMinarco Limited (RPM) in accordance with NI 43-101 guidelines.

The Oyu Tolgoi Copper-Gold Project in southern Mongolia produced 148,400 tonnes of copper and 589,000 ounces of gold in concentrates in 2014 compared to 76,700 tonnes of copper and 157,000 ounces of gold in concentrates in the previous year, according to the annual report of Turquoise Hill Resources.

Coking coal producer Mongolian Mining Corp (MMC) is struggling to cope with the impacts of high costs and low coal prices, and according to Moody's Investors Service, could exhaust its cash supply by the end of 2015.

The Ekhgoviin Chuluu Joint Venture between Aspire Mining and Noble Group has planned its 2015 exploration program for the Nuurstei Coking Coal project in northern Mongolia. The program will focus on confirming coal seam continuity and coal quality across the tenement and enable compilation of a JORC-compliant resource statement.

Khan Resources says the compensation it was awarded by an international arbitration tribunal in relation to the cancellation of Khan’s uranium licences in 2009 is now due from the Government of Mongolia and Monatom LLC.

The 10th Appeal Court for Criminal Case of Mongolia has upheld the initial verdict and dismissed the appeal by SouthGobi Resources in relation to charges of tax evasion. The company appealed the verdict issued by the Second District Criminal Court of Justice.

Prophecy Development Corp has been advised by the Mongolian Government that the Chandgana Mine Mouth Power Plant Project of its subsidiary Prophecy Power Generation LLC (PPG) in central Mongolia has been included on a list of advanced and qualified concession projects to be fast-tracked.

Aspire Mining has entered into a Binding Term Sheet with the Noble Group which extends the due date for repayment of the US$5 million loan provided to Aspire in 2013 by 12 months to March 15, 2016. This is to be secured by Aspire’s 50% interest in the Ekhgoviin Chuluu Joint Venture (ECJV).

Turquoise Hill Resources announces that Oyu Tolgoi has filed a statutory 2015 feasibility study with the Mongolian Minerals Council (MMC). Under Mongolian law, Oyu Tolgoi is required to submit an update to the feasibility study at least every five years with the initial 2009 Oyu Tolgoi Feasibility Study accepted in March 2010.

SouthGobi Resources has closed the initial tranche of a two tranche private placement with Novel Sunrise Investments Limited. The initial tranche closing consisted of the issuance of more than 10 million mandatory convertible units of the company to Novel Sunrise for US$3.5 million.

December quarter production at Turquoise Hill Resources’ Oyu Tolgoi Copper-Gold Project was 50,300 tonnes of copper and 278,000 ounces of gold in concentrates. Higher ore grades during the quarter led to increased metal production over prior quarters partially offset by reduced processing rates as a result of the December concentrator fire.

Following due process and as specified in the competitive selection process, Kincora Copper has regained the two licences held by its wholly-owned Golden Grouse subsidiary that were revoked as part of the 106-licence dispute. The licences are as new and have a full 12-year term.

An international arbitration tribunal, constituted under the UNCITRAL Arbitration Rules, has determined an award of approximately US$100 million (including interest and costs) to Khan Resources in relation to cancellation of its uranium licences in 2009. The award is given as compensation to Khan for the Government of Mongolia’s actions in this process.

Turquoise Hill Resources has entered into an agreement with Novel Sunrise Investments Ltd, a private investment holding company with affiliated Chinese-based enterprises in real estate, logistics and supply-chain management, providing for the sale of its remaining stake in SouthGobi Resources.

Aspire Mining’s Mongolian rail infrastructure subsidiary, Northern Railways LLC, has received two important sign-offs from the Mongolian Government necessary to progress rail concession negotiations with the Mongolian Government.