Oyu Tolgoi Signs Power Cooperation Agreement

A technician installs a power panel during construction of the Oyu Tolgoi mine in Mongolia. The mine’s operator  and the Mongolian government recently agreed on a comprehensive energy plan for the operation and the  surrounding South Gobi region, including generation, transmission and energy importation issues.

Turquoise Hill Resources reported in mid-August the signing of an agreement between the government of Mongolia and Oyu Tolgoi LLC, the operating company for the Oyu Tolgoi mine, for cooperation in development of a comprehensive energy plan for the South Gobi region of Mongolia. Oyu Tolgoi LLC is owned 66% by Turquoise Hill and 34% by the government. The agreement provides a framework for a broad range of power-related issues, including establishment of a power generation source, transmission lines and power imports.

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Alrosa Goes Underground at Udachny as Surface Ops Wind Down

Alrosa has commissioned the Udachny underground diamond mine in the Sakha Republic, eastern Russia, at the site of a surface mining operation that began in 1971. Upon reaching its design capacity of 4 million metric tons per year (mt/y) of ore in 2019, the underground mine will become the largest underground diamond mine in Russia and one of the largest worldwide.

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Saudi Phosphate Project Gets $5 Billion in Financing

Ma'aden Wa'ad Al-Shamal Phosphate Co. (MWSPC) has signed financing facilities for long-term project finance loans with a consortium of 20 financial institutions for SR18.9 billion (about $5 billion) to be used in developing MWSPC's phosphate project now under construction at sites in Wa'ad Al Shamal in northern Saudi Arabia and the existing Ras Al Khair Industrial City. MWSPC is a joint venture company formed by the Saudi Arabian Mining Co. (Ma'aden) to develop the project. Ownership of the joint venture is 60% Ma'aden, 25% The Mosaic Company, and 15% Saudi Basic Industries Corp. (SABIC).

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Barrick and Ma'aden Form Copper Joint Venture

Barrick Gold and Saudi Arabian Mining Co. (Ma’aden) agreed in mid-July 2014 to form a joint venture to operate the Jabal Sayid copper mine 120 km southeast of Medina, Saudi Arabia. Barrick acquired its 100% interest in the mine when it acquired Equinox Minerals in 2011.

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