Mongolia Picks Peabody, Shenhua, Russian Consortium To Develop Tavan Tolgoi Project
05 Julio 2011 - 5:21AM
Noticias Dow Jones
The Mongolian government has selected a consortium comprising
U.S. company Peabody Energy Corp. (BTU), China's Shenhua
International Ltd. (SHU.AU), as well as a Russian grouping to
develop the country's giant Tavan Tolgoi coal mine project.
Peabody, the largest U.S. coal producer by output, will hold a
24% share in the consortium, while Shenhua, China's largest coal
producer by revenue, will have 40%. The Russian-led grouping will
have the remaining 36%, with the Russian parties holding 18% and
the Mongolian side with 18%, according to a government
statement.
The Tavan Tolgoi project involves building plants that will make
coking coal will also look at taking out gasoline from coal, the
statement said.
The massive Tavan Tolgoi project has an estimated 6 billion
metric tons of reserves of coking coal, an essential ingredient for
making steel.
Peabody and Shenhua were among those shortlisted as preferred
bidders by the Mongolian government earlier this year. Brazil's
Vale SA, Xstrata PLC, ArcelorMittal and a consortium of Mitsui
& Co. also made that shortlist, but the government statement
viewed Tuesday didn't include those companies.
The statement also didn't mention South Korea's Korea Resources
Corp., Japan's Itochu Corp., Sumitomo Corp., Marubeni Corp., Sojitz
Corp. and OAO Russian Railways, all of whom were among the
shortlisted candidates earlier this year.
It wasn't immediately clear whether the Russian grouping
included other parties short-listed earlier in the year.
-By P.R. Venkat and Gurdeep Singh, Dow Jones Newswires; +65
64154 152; venkat.pr@dowjones.com
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