Mongolia's National Security Council has lately announced that it has rejected the application of China, US and Russia for the joint exploration of Tavan Tolgoi coking coal deposit, the world's largest coking coal mine, with the total reserve of 6.4 billion mt.
In July, the Mongolian government signed the preliminary agreement with several offshore mining companies to jointly explore the deposit in question. In particular, Chinese Shenhua Energy Company would hold 40 percent stocks of the program, while the United State's Peabody Energy and the Russian Railway- Mongolia consortium would respectively hold 24 percent and 36 percent stocks based on the preliminary agreement.
To prepare for a new round of negotiation, the government has already invited the Deutsche Bank (DB) and the Morgan Stanley to be the consultant of the program, choosing the appropriate cooperators and work out relevant plans