A report from the Russian publication RIA Novosti states that a Russian consortium comprising En+ Group, Severstal and Renova has submitted investment proposals to the Mongolian government to develop one of the world's largest untapped coal mines.
The consortium's intention to develop the Tavan Tolgoi coal field in the Gobi Desert, with an estimated reserve of 6.5 billion tonnes of coking coal, was confirmed by an executive of the steelmaker, Severstal.
The Renova Asset Management group declined to comment.
A representative of En+ Group owned by Russian billionaire Oleg Deripaska told the paper that while the Mongolian government viewed positively the consortium's proposals it has yet to determine its project requirements and it is not yet clear whether it will issue a license for the entire mine or for separate sections.
Source: RIA Novasti
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