Latest news with #SouthGobi
Yahoo
04-07-2025
- Business
- Yahoo
Sandvik gains Oyu Tolgoi's $28m order for underground mining equipment
Sandvik has secured an order valued at Skr270m ($28.3m) from Oyu Tolgoi LLC for underground mining equipment. The equipment, including loaders and trucks, will be used at the Oyu Tolgoi copper-gold mine in the South Gobi Desert, Mongolia. The order was recorded in the second quarter of 2025, with deliveries scheduled to commence in October and continue until November 2026. Sandvik Mining business area president Mats Eriksson stated: 'Sandvik loaders and trucks have consistently delivered industry-leading performance for Oyu Tolgoi, and we are very pleased to be able to continue to support safety, productivity and cost efficiency in the mining operations.' Oyu Tolgoi LLC, a joint venture between Rio Tinto and the government of Mongolia, operates the Oyu Tolgoi mine, which is considered one of the world's largest known copper-gold deposits. The partnership structure of Oyu Tolgoi comprises the government of Mongolia with a 34% stake and Rio Tinto with 66%. Rio Tinto also manages the operations. The Oyu Tolgoi mine has been producing copper concentrate since 2013, when its copper concentrator, Mongolia's largest industrial complex, began operations. The initiation of underground production in March 2023 has elevated Oyu Tolgoi to a leading position among global copper producers, with an expected peak production of 500,000 tonnes per annum (tpa). In addition to the mining equipment order, Sandvik Mining has also recently obtained IEC 62443-4-1 certification at Maturity Level 2. This certification underscores Sandvik's commitment to embedding cybersecurity measures into its product design and development processes. The IEC 62443-4-1 standard is an internationally recognised benchmark that ensures secure product development practices within the industrial automation and control systems sector. "Sandvik gains Oyu Tolgoi's $28m order for underground mining equipment" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
03-07-2025
- Business
- Yahoo
Erdene Enters Agreement to Acquire Tereg Uul Copper-Gold Porphyry Prospect
Tereg Uul HALIFAX, Nova Scotia, July 03, 2025 (GLOBE NEWSWIRE) -- Erdene Resource Development Corporation (TSX:ERD | MSE:ERDN) ('Erdene' or the 'Company') is pleased to announce the execution of an option agreement to acquire an up to 80% ownership interest in the Tereg Uul copper-gold porphyry prospect, located approximately 10 kilometres southwest of the Oyu Tolgoi deposit. Peter Akerley, Erdene's President and CEO stated, 'We are excited to explore for copper and gold along trend of Oyu Tolgoi, soon to become a top-four global copper producer. With the high-grade Bayan Khundii Gold project on track for first gold production this quarter, and exploration continuing in the Khundii Minerals District, we are in a position to take advantage of new opportunities to create additional value for shareholders.' Mr. Akerley continued, 'The Tereg Uul property is located within a corridor of copper-gold porphyry related deposits and prospects that extend over 50 kilometres along trend of the Oyu Tolgoi deposits. This option agreement provides Erdene a low-risk opportunity to explore proximal to one of the largest copper-gold systems globally.' Tereg Uul The 6,694 hectare Tereg Uul exploration license, located in Khanbogd & Bayan-Ovoo soums, South Gobi province, is held by the private Mongolian company Tereg Uul Mines LLC ('TUM'). The license was issued on April 5, 2023, and is in its third year of a maximum 12-year term, and can be converted to a mining license at any time prior to the end of the twelfth year by meeting the requirements prescribed under the Minerals Law of Mongolia. The property is located approximately 10 kilometres southwest from the Oyu Tolgoi mine, along the Oyu Tolgoi mineralization corridor, and 5 kilometers south of the Oyu Tolgoi license boundary near Entrée/Oyu Tolgoi's joint venture Railway copper-gold prospect. The porphyry trend continues south through the Tereg Uul licence to the Khatsavach Uul porphyry copper prospect located 10 kilometres south of Tereg Uul (see Figure 1). Although modern exploration is limited due to closure since 2009, state sponsored mapping in the late 1980s and exploration on the license in the early 2000s by Ivanhoe Mines identified geophysical and geochemical anomalies which remain undrilled. The license is underlain by favorable Paleozoic host rocks of similar ages to those which host the Oyu Tolgoi deposits. The Tereg Uul property also contains several anomalous gold occurrences related to epithermal style veins at surface and base metal geochemical signatures. Exploration is expected to commence in late Q3. Terms of Arrangement Under the terms of an option agreement Erdene may acquire an up to 80% interest in TUM through a series of exploration and payment milestones. Upon signing the option agreement, Erdene will commit to invest US$300,000 in specified exploration expenditures within twelve months and make a payment of US$200,000 to the option grantor. On the first, second and third anniversaries of the option agreement, the Company shall make payments of US$400,000, US$500,000 and US$900,000, respectively, to the option grantor, and commit to a total of US$3,000,000 in exploration expenditures. The Company may acquire a 51% equity ownership stake in TUM between the third and fourth anniversaries through a payment of US$5 million to the option grantor. Erdene will direct all exploration activities at the property during the term of the option and may terminate the option agreement without penalty at any time. Erdene can acquire an up to 80% equity ownership stake through the investment of a further US$10 million in exploration and evaluation expenditures, and through an additional payment of US$8 million to the option grantor, on or before the eighth anniversary of the agreement. About Erdene Erdene Resource Development Corp. is a Canada-based resource company focused on bringing the Bayan Khundii Gold Mine into production in late 2025 and on the acquisition, exploration, and development of precious and base metals in underexplored and highly prospective Mongolia. The Company has interests in three mining licenses and an exploration license in Southwest Mongolia, where exploration success has led to the discovery and definition of the Khundii Gold District. Erdene Resource Development Corp. is listed on the Toronto and the Mongolian stock exchanges. Further information is available at Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Forward-Looking Statements Certain information regarding Erdene contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Erdene believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Erdene cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Erdene currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include the ability to obtain required third party approvals, market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. The Company does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws. NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENTS OF THIS RELEASE Erdene Contact Information Peter C. Akerley, President and CEO, or Robert Jenkins, CFO Phone: (902) 423-6419 Email: info@ Twitter: Facebook: LinkedIn: YouTube: A photo accompanying this announcement is available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
27-06-2025
- Business
- Associated Press
SouthGobi Announces Voting Results of Annual and Special General Meeting of Shareholders
VANCOUVER, BC / ACCESS Newswire / June 27, 2025 / SouthGobi Resources Ltd. (TSX-V:SGQ)(HK:1878) ('SouthGobi' or the 'Company') Reference is made to the Management Proxy Circular of SouthGobi Resources Ltd. (the 'Company') dated May 13, 2025 (Vancouver time) (the 'Circular'). Unless the context otherwise requires, capitalized terms used herein shall have the same meanings as those defined in the Circular. The Company is pleased to announce that the Annual and Special General Meeting of the shareholders of the Company was held on Thursday, June 26, 2025 at 6:00 p.m. (Vancouver time), which is Friday, June 27, 2025 at 9:00 a.m. (Hong Kong time) (the 'Meeting') at Dentons Canada LLP, 20th floor - 250 Howe Street, Vancouver, British Columbia, Canada. VOTING RESULTS OF THE MEETING In respect to the Meeting, the following sets forth a brief description of each matter which was voted upon at the Meeting and the outcome of the vote: Notes: There was no further item brought before the Meeting and no amendment or variation were proposed at the Meeting. About SouthGobi SouthGobi, listed on the Hong Kong Stock Exchange and the TSX Venture Exchange, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. It also holds the mining licences of its other metallurgical and thermal coal deposits in South Gobi region of Mongolia. SouthGobi produces and sells coal to customers in China. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE: SouthGobi Resources Ltd. press release
Independent Singapore
26-06-2025
- Business
- Independent Singapore
Singapore's Bastion Mining secures majority control of Mongolian gold and copper mines
SINGAPORE/MONGOLIA: Singapore-based Bastion Mining has declared its off-market takeover bid for Xanadu Mines unconditional, having crossed the 50.1% threshold of the ASX-listed, Mongolia-focused copper and gold explorer. The move solidifies Bastion's grip on Xanadu's flagship Kharmagtai project, a copper-gold asset in Mongolia's South Gobi region that has drawn international attention for its vast reserves and strategic value in the global energy transition. Bastion, controlled by Singapore-headquartered Boroo Pte Ltd (75%) and Xanadu director Ganbayar Lkhagvasuren (25%), launched its 8 cents-per-share offer in mid-May. The bid accelerated after a previous exclusivity agreement between Xanadu and China's Zijin Mining lapsed without a finalised deal. Xanadu's independent board committee has since reaffirmed its recommendation for shareholders to accept Bastion's offer in the absence of any competing bids. The location Source: Xanadu Mines At the heart of Bastion's takeover is Kharmagtai, a copper-gold project with a resource estimate of 730 million tonnes, containing 1.6 million tonnes of copper and 4 million ounces of gold. A recent feasibility study values the project at a net present value of US$930 million (A$1.43 billion), with development costs estimated at US$890 million. See also Close to 60% of Singapore companies plan to expand abroad If developed as planned, Kharmagtai could yield 80,000 tonnes of copper and 170,000 ounces of gold annually at an impressive cost of 70 US cents per pound of copper, positioning it as one of the lowest-cost producers globally. The 29-year mine life — projected from 2024 — adds long-term stability, with operations based on conventional open-pit mining and sulphide flotation. 'Kharmagtai is well-positioned to help fill the looming global copper supply gap driven by growing demand for an increasingly electrified economy,' Xanadu said in a statement, noting its proximity to major transport infrastructure, including rail and roads for rapid development. Geological upside Source: Xanadu Mines Geologically, the site comprises multiple co-genetic gold-rich porphyry copper centres and tourmaline breccia pipes within the Carboniferous Kharmagtai Igneous Complex. This complex is believed to have formed from a large, deep-seated fractionating magma chamber, the scope of which has been supported by recent gravity surveys. The mineralisation and scale echo other world-class formations, enhancing its appeal in an era where copper is increasingly dubbed 'the metal of electrification'. What does the mine mean for Singapore? Copper has long been an unsung hero of industrial progress. As one of the most conductive and cost-effective metals, it's been powering homes and industries for over two centuries. But in the 21st century, copper is taking on an even more critical role — as the backbone of the energy transition. From electric vehicles and grid-scale batteries to wind turbines and EV charging stations, copper is everywhere. As nations pivot toward decarbonisation, the world is discovering that electrification depends not just on innovation or policy, but on metals, and copper is at the top of the list. S&P Global forecasts that demand for copper could double to 50 million metric tons by 2035, driven by the US, China, Europe, and India. For Singapore, Bastion Mining's control of the Kharmagtai project represents more than just a corporate acquisition — it's a rare geopolitical and economic foothold in the global race for strategic minerals. In a world where access to critical resources increasingly defines energy security and industrial competitiveness, owning a stake in one of Asia's largest undeveloped copper-gold deposits gives Singapore leverage it has rarely had in the resource game. The Republic is typically seen as a financial and tech hub, not a mining power. But through entities like Boroo Pte Ltd and Bastion, Singapore is moving upstream in the energy transition supply chain.
