In a significant boost to its annual revenue stream, a Mongolian Mining Corporation (MMC) subsidiary has signed a long-term contract with China Datang Overseas Investment to supply middling for the next decade.
Prophecy Coal says $9 million raised in a non-brokered private placement will be poured into the relevant technical work requirements to bring its Chandgana thermal coal power project towards development.
South Gobi Resources says a record year of exploration in 2011 has led to massive resources and reserves increases at its flagship Ovoot Tolgoi coal complex in southern Mongolia.
The company has updated its NI 43-101 measured and indicated resource by 14% to 302.3 million tonnes and inferred resource to 86 million tonnes, while the proven and probable reserves have jumped by 65% to 175.7 million tonnes. The Soumber deposit measured and indicated resource increased by 124% to 137.3 million tonnes, and the inferred resource by 26% to 83 million tonnes.
Ivanhoe Mines says its Oyu Tolgoi copper-gold mining complex will begin commercial production by June 2013, as construction of the $6 billion first phase remains on track for initial production to commence in the third quarter of this year. Construction of the facility is almost 80% complete.
Oyu Tolgoi is about 550km south of Mongolia’s capital Ulaanbaatar and 80km north of the Mongolia-China border.