China’s Shenhua Agrees to Buy 1 Billion Tons of Mongolian Coal
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Three companies that mine coal in Mongolia’s Tavan Tolgoi basin have agreed to export 1 billion tons of the fuel to China’s Shenhua Group Corp. in the next 20 years, said the chief executive officer of one of the suppliers.
Erdenes Tavan Tolgoi JSC, Mongolia Mining Corporation and Tavantolgoi JSC signed the memorandum of understanding with Shenhua on October 25, Yaichil Batsuuri, CEO of state-owned Erdenes Tavan Tolgoi, said in an interview yesterday in Ulaanbaatar. The coal delivered by the three companies could generate about $50 billion at current prices, Batsuuri said.