The winners of the tender of foreign companies to develop the west Tsankhi of Tavan Tolgoi
have not been announced yet. Mongolian state-owned company "Erdenes Tavan Tolgoi" (the east Tsankhi of Tavan Tolgoi) officially started its first sales exporting by 40 trucks each of 100 tons capacity, transporting 4,000 tons of coal to the People’s Republic of China on August 5, 2011. This is a positive step for Mongolian economy
, said the experts. A total of 536 shares of the "Erdenes Tavan Tolgoi" company will be provided to every Mongolian citizen.
At the opening ceremony of exporting coals at the "Erdenes Tavan Tolgoi" deposit attended D.Zorigt, Minister for Mineral Resources and Energy, B.Enebish, the executive director of "Erdenes Tavan Tolgoi", Yo.Kobayashi, the vice president of “Itochu” company and the delegates from "KOPEC" company. From the east Tsankhi of Tavan Tolgoi it is expected to export 1.3 million tons of coal this year. Thence 60 thousand tons of coal is in the storehouse and 250 thousand tons of coal is ready for transport. Each ton of 13 million tons of coal, which is going to be exported to China, is estimated for selling at USD 70. According to the survey by "Norwest" company, it would require 112 years to develop the east Tsankhi of Tavan Tolgoi, if it was to export 15 million tons of coal every year. The shares will be on International stock market by March next year.
"Golomt" bank and Trade and Development Bank of Mongolia
funded the first exporting process. Aluminum Corporation of China Limited (CHALCO), the subsidiary company of Chinese state owned Aluminum Corporation of China (CHINALCO), will take responsibility for the sales. The coals will be exported not only to China but to the Republic of Korea and Japan.