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.


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.


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).


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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