MONTSAME/ Mongolian mining companies Erdenes Tavantolgoi, Energy Resources and Tavantolgoi, together with the Chinese Shenhua Energy Co signed Monday an agreement to establish a joint railway venture. This agreement follows a decision the cabinet meeting made on March 21 permitting Erdenes Tavantolgoi LLC to establish a joint railway company, within goals to enhance the coal exports and thereby improve the foreign trade balance. Thus, Erdenes Tavantolgoi agreed co-invest with the above others to form a railway venture in order to build up and operate a 20 km of narrow gauge railway that will connect the Gashuunsukhait port of Mongolia to the Gants Mod (Ganqimaodu) of China within 2014. According to that decision of the Mongolian Government, the three mining companies representing the Mongolian part will own 51% of the joint company’s shares, leaving 49% shares to China’s Shenhua Energy. ------------------------------------------------------------------------------- This Bloomberg Message session is subject to the ING Disclaimer. You acknowledge that you have obtained a copy of the ING Disclaimer and have read the same, and you hereby agree to, the terms of use and disclaimers set out therein. Conversations are subject to recording and/or monitoring by ING and may be disclosed to government or regulatory authorities if required under law.
Posted on: Tue, 08 Apr 2014 10:06:09 +0000
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