13 December 2019

Shenhua to buy 1 bln tons of Mongolian coal, Bloomberg says

Three companies that mine coal in Mongolia’s Tavan Tolgoi basin have agreed to export 1 billion tons of the resource to China Shenhua Group in the next 20 years, Bloomberg News reported Wednesday, citing the chief executive of one of the suppliers. Erdenes Tavan Tolgoi JSC, Mongolia Mining Corporation and Tavantolgoi JSC signed a memorandum of understanding with Shenhua on October 25, Yaichil Batsuuri, CEO of state-owned Erdenes Tavan Tolgoi, was quoted as saying in an interview in Ulaanbaatar on Tuesday. The coal delivered by the three companies could be worth about US$50 billion at current prices, Batsuuri said.

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