According to reports from an UlaanBaatar daily newspaper, BHP Billiton has withdrawn its bid for part of Mongolia's massive Tavan Tolgoi coking coal mine, which is valued at USD 2 billion.
Tavan Tolgoi often referred to as the world's largest untapped coal reserve.
Mongolia's government is aiming to offload 49 per cent of Tavan Tolgoi for around USD 1 billion, with the remaining 51% staying under state control. The deposit is estimated to have 6.5 billion tonnes of high-grade coking and thermal coal and is located 130 kilometres northwest of Ivanhoe Mines' Oyu Tolgoi site.
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