BHP Billiton To Close Mongolia Exploration Office
June 18 2009 - 1:24AM
Dow Jones News
BHP Billiton Ltd. (BHP) is in the process of closing down its
exploration office in Mongolia, a company spokeswoman confirmed
Thursday.
The diversified miner opened an office in the central Asian
country in 2005, having signed exploration agreements with a number
of Western companies in the region.
BHP has previously expressed an interest for the Tavan Tolgoi
thermal coal mine, alongside Shenhua Energy Co., Vale and Peabody
Energy Corp. (BTU), according to people familiar with the
situation.
BHP didn't say why it was closing the office.
Resources companies have been awaiting a solid investment
framework for years to mine Mongolia's copper, gold, coal and
uranium riches.
But progress in government talks with Ivanhoe Mines Ltd. (IVN)
for a blueprint deal on Oyu Tolgoi, a US$3 billion copper-gold
project, has been piecemeal.
-By Elisabeth Behrmann, Dow Jones Newswires;
61-2-8272-4689 elisabeth.behrmann@dowjones.com