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From: Dale Choi, Frontier Securities <email@example.com>
Date: Thu, Jul 8, 2010 at 11:17 AM
Subject: BREAKING NEWS REPORT: PARLIAMENT APPROVES TT RESOLUTION AUTHORIZING GOM TO START COMPETITIVE SELECTION OF TT CONSORTIUM OF FOREIGN AND DOMESTIC COMPANIES TO MINE UP TO 40 M TNS OF COAL PER YEAR AND INTRODUCE DRAFT IA BY FALL SESSION
To: Frontier Staff <firstname.lastname@example.org>
Frontier Financial Markets Summary
Enclosed is your Frontier financial markets summary for July 7, 2010 featuring our breaking news report on Parliament approval of Tavantolgoi resolution.
For complete Mongolian financial markets information, please download our attached summary.
As always, if you have any feedback, suggestions or comments that you would like share with us please drop me a line at email@example.com
PARLIAMENT APPROVES TT RESOLUTION
AUTHORIZING GOM TO START COMPETITIVE SELECTION OF TT CONSORTIUM OF FOREIGN AND DOMESTIC COMPANIES
TO MINE UP TO 40 M TNS OF COAL PER YEAR AND
INTRODUCE DRAFT IA BY FALL SESSION
According to Parliament Media Office (http://www.open-parliament.mn) press release of July 7,2010, “ United session of Parliament started on Wednesday with quorum of 61 per cent. First item on the agenda was a final reading of bill(draft resolution) on some issues on mining Tavan tolgoi coal deposit.
MP D.Damba-Ochir (Orkhon province,MPRP, Director-General of “Ochir Tuv” LLC, Head of Mongolian-Chilean parliamentary group) introduced the bill prepared by Economic Standing Committee for final reading.
Tavan tolgoi coal deposit covers in total 80 thousand hectares and there are seven mining licenses on the deposit. Deposit reserves are 6,4 billion tons, 1.495 million tons of those are coking coal and the deposit is among top 10 in the world. However, the remaining 4.6 million tonsa are thermal coal. It is being estimated in preliminary manner that 20-40 million tons of coal will be mined annually and it can be concluded that deposit has reserves that can accommodate over 100 years of mining.
During discussion of the bill, Chairman of Economic Standing Committee Ts.Bayarsaikhan ( Umnugobi province, DP) has said that he views that Parliament will work ensuring specific supervision of the Investment Agreement. Opinion and proposals of the MPs during the united session and standing committee meetings will be delivered to the Government. He also informed that a duty and task has been assigned to the Government to make research, estimates and calculations, and introduce it to the Parliament.
Majority of MPs have supported proposals of the Economic Standing Committee to research issue of restructuring “Erdenes MGL” company, head company of “Erdenes-Tavan tolgoi” in compliance with Constitution of Mongolia, Law on Human Development Fund and other related law and regulations, introduce results to the Parliament, make negotiations regarding transit transportation, counter conditions, prepayment, use of ports, investment and sales conditions, competitively select in open manner united company/consortium/ with participation of foreign and domestic companies and have draft Investment Agreement discussed by 2010 Fall Session of the Parliament and introduce other draft documents.
By vote of 88.7 per cent MPs have approved Parliament resolution on some issues in mining Tavan tolgoi coal deposit.”
By Dale Choi(Erdenedalai Choinkhor), Editor/Analyst(firstname.lastname@example.org) (Source: Parliament Media, photo of Parliament session courtesy of Parliament Media Office to Frontier Securities, texts in italic within the parenthesis are clarifications by Frontier Securities)
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