Energy Resources receives infrastructure financing
July 8 (business-mongolia.com) Energy Resources receives USD 75 million financing from Standard Bank in order to develop infrastructure of Ukhaa Khudag coal mine in Umnugobi province.
The most of the financing will be spent on the road project which is to build 240km paved roads between Ukhaa khudag and Gashuun Sukhait. The business relation of Standard bank and Energy resources are improving and developing to a new level and G. Battsengel, Executive Director of Energy resources said: This road project is the first in Mongolia as it will used for industry purposes. This road is a whole new infrastructure solution for us to export the high quality coking coal.
Andrew King, Director for Asia of Standard bank says that the bank is delighted to continue its cooperation with Energy resources and believes investing into the infrastructure project will have large positive impact on the development and growth of the South Gobi region. Headquarters of Standard Bank is based in South Africa and the company had actively invested into Mongolia for the last ten years.
"Mogi" Munkhdul Badral
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