The Bank of Mongolia further tightened its monetary policy stance by
raising its policy rate by 1.35 percentage points to 9.75 percent. The
Bank of Mongolia defines 7-day Central Bank Bill rate as its policy
rate which tends to be effective in influencing interbank money market.
[...] An increase in the policy rate of 1.35 percentage points is
deemed to be necessary to bring CPI inflation down, to reduce the
growth of credit and monetary aggregates.
Mongolia gives formal go-ahead for mining at Ovoot Tolgoi coal site
07-04-2008 16:30Sakura Property
SouthGobi Energy Resources Ltd. announced Monday that it has received final
government authorization to begin mining at the company’s Ovoot Tolgoi coal
site.
"We are very pleased that we now have received all the required permits to
allow us to commence open-pit coal mining operations at Ovoot Tolgoi," Gene
Wusaty, Chief Operating Officer of SouthGobi Energy said. "Coal sales contracts
and transportation arrangements are being finalized. We are on track to begin
deliveries to customers early in the third quarter of this year."
Ovoot Tolgoi is located 45 kilometers north of Mongolia’s border with China.
In anticipation of large coal imports from Ovoot Tolgoi, China built a railway
line to the nearby Ceke border point last year.
Mongolia has announced plans to turn Ceke Point into a full-time border
crossing to allow for daily exports of Ovoot Tolgoi coal.
In
anticipation of approval for mining, SouthGobi began work in January clearing
the site, stockpiling topsoil, as well as providing drainage control and road
construction.
Sakura Property Zamchid Street, 3 Khoroo, 2 Khoroolol, 25-2 +976-2125-4001 Fax: +976-2125-4001
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