Shenhua, Peabody, Russia Picked to Develop Tavan Tolgoi Mine
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China Shenhua Energy Co., Peabody Energy Corp. and a Russian-Mongolian group were picked to develop Mongolia’s Tavan Tolgoi deposit, potentially the world’s largest untapped coking coal reserve.
A Shenhua-led group will get a 40 percent share in the project, while Peabody will hold 24 percent and the Russian-Mongolian venture 36 percent, according to a statement dated yesterday on the Mongolian government website. The other bidders were Vale SA, ArcelorMittal and Xstrata Plc.