Source: Bloomberg.com                      Date: 09 July, 2010

Minister for Minerals and Energy Dashdorj Zorigt has said in a telephone interview after the Parliamentary vote that no timetable has been set for the share sales overseas or a preference made for where they should be held. The government is still negotiating with overseas mining companies over whether they will help develop Tavan Tolgoi on a contract basis, said Mr. Zorigt. The government will report back to Parliament on the issue later this year, he said. “We are now working to develop Tavan Tolgoi as fast as we can and hope to go into production in one or two years.”

Even in the absence of specifics, “finally there is clarity in terms of the government policy and the way to move forward,” said Mr. Alisher Ali Djumanov, chief executive officer of Eurasia Capital Management, based in Beijing. “We would be a buyer considering the strong long-term potential of this company and the coal sector in Mongolia.”