Rio Tinto and BHP Billiton are amassing vast copper holdings in a push to capture a greater chunk of the $140 billion world market, apparently aiming to squeeze out high-cost producers just as they did in the global iron ore business.
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Exploration company Xanadu Mines, together with its joint venture firm Mongol Metals, have agreed to purchase a 90% stake in the Kharmagtai copper-gold project in Mongolia from Turquoise Hill Resources in a $14-million deal.
Vancouver-based Turquoise Hill Resources Ltd said it would go ahead with a USD2.4 billion rights offer for Mongolian copper mine Oyu Tolgoi after the company failed to secure long-term funding for the expansion of the mine.
Goldpoly New Energy Holdings Limited entered into a framework agreement with Kunlun Trust Co., Ltd for a joint acquisition of 500MW of solar energy plants in China and Mongolia.
Davaadorj Ganbold said that major issues between the mining firm and the government have been ironed out but some still remain.
A number of top notch companies have sent their bids to build Mongolia's Tavan Tolgoi Power Plant.
Prime Minister Norovyn Altankhuyag of Mongolia announced his government's plans to buy a strategic stake in Areva Mongol's uranium venture.
According to a statement from Mongolia's Prime Minister, the country would sell its Samurai bonds this year in a deal valued to as much as USD1 billion.
Mongolia would be replacing its 2012 law that puts limits on foreign ownership with a new measure that is more investor-friendly.
Sources said that Mongolian businessman Bold Baatar is most likely to be appointed as the head of Oyu Tolgoi when Cameron McRae exits this October.