WEST TSANKHI COAL SOLD FOR USD 71.5

On January 20, D.Ariunbold, CEO of Erdenes Tavan Tolgoi JSC, a subsidiary of state owned investment company Erdenes Mongol met with Prime Minister J.Erdenebat to brief on a recent coal trade.

In accordance with a Cabinet instruction, the company resumed its exploitations at the West Tsankhi section of Tavan Tolgoi coal deposit last year, and has sold the extracted coal through an open bid.

“As a result of the bid, we have sold 300 thousand tons of coal at the price USD 71.5 per ton, earning USD 22.5 million. USD 71.5 is the highest price we’ve traded our coal since the establishment of Erdenes Tavan Tolgoi”, he said. It was also the first open bid and the first trade with 100 percent payment condition since the company was established in 2010.

“It has been about a month since Erdenes Tavan Tolgoi JSC resumed its operations at the West Tsankhi. During this time, the company has exploited 1.2 million tons of soil extracting 400-500 thousand tons of coal”, the CEO said.

Source:http://en.montsame.mn/mining/8405