Mongolia announced the winners of a long-fought contest to develop part of Tavan Tolgoi, one of the largest coking coal deposits in the world.
In a nod to the steelmaking needs of neighbouring China, Chinese coal miner Shenhua will own the lion’s share of the venture with a 40 per cent stake. A Russian-Mongolian consortium will own a further 36 per cent. Peabody, the biggest US coal miner, will have 24 per cent.
The decision underscores the challenges for Mongolia – a landlocked country with a 3m population – as it seeks to balance ties between larger neighbours China and Russia while developing its vast resources.
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