Erdenes TT Seeks to Repay Chalco Amid Low Coal Prices
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Erdenes Tavan Tolgoi, Mongolia’s largest state-owned coal miner, has trimmed its debt to a Chinese customer to $130 million from $350 million, and aims to pay the remaining amount due this year.
Erdenes TT pays its debt to the Aluminum Corp. of China Ltd., also known as Chalco, in coal. It will need to deliver an additional 2.5 million metric tons to 3.5 million tons of the fuel to fully settle the advance payment, Chief Executive Officer Batsuuri Yaichil said in an interview yesterday in Ulaanbaatar, Mongolia’s capital.