Features

Last week, a 34.5 km railroad from Bold Tumur Eruu Gol’s Tumurtei mine to Khandgait Station was commissioned. Prior to the opening of the new railroad, the company had been transporting their ore by truck along a 20 km road to be transferred to a train car. In 2011, the company exported 98,000 tons of iron ore. At that time, the price of iron ore stood at 137 USD per ton, while the price has since dropped to 36 USD per ton in the global market. The company underlined that despite Mongolia’s economic crisis delaying the company’s development, it has now moved forward to complete this project. Company representatives said that a construction team from Ulaanbaatar Railway completed earthwork for the railroad within one year, and they finished railroad construction in three months.

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A signing ceremony for the Oyu Tolgoi underground Project Finance package was held in Ulaanbaatar, Mongolia on 16 December 2015. The event was held in the presence of Prime Minister Saikhanbileg, Minister for Mining R. Jigjid, Andrew Woodley, CEO – Oyu Tolgoi, Batsukh Galsan – Chairman of the Board of Directors, Oyu Tolgoi, and key representatives of the lender organizations participating in the project finance package, and key stakeholders.

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A construction commencement ceremony took place at the site of the 700 megawatt Baganuur Power Plant on Wednesday, in the presence of Prime Minister Ch.Saikhanbileg and other government officials. Presenting the opening remarks at the ceremony, Ch.Saikhanbileg said, “Mongolia is going to build its first power station based on a mine. The government is starting big changes in the energy policy by commencing this project.” The PM also mentioned other mega projects in the energy sector, including the Buuruljuut power station to be built based on the Buuruljuut coal deposit, the Egiin Gol hydropower station that will be built based on the resources of the Egiin River, and the Tavan Tolgoi power station.

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