The parliamentary group of Mongolian People’s Party (MPP) held a meeting concerning the Tavan Tolgoi coal mining project on 28 May. The parliamentary groups hold meeting on every Monday; however, on this occasion the meeting of the group of the Mongolian Democratic Party did not take place.

Last week, the MPP group backed an idea for launching an Initial Public Offereing (IPO) for 30 percent of the Tavan Tolgoi project. Subsequently, the Cabinet has demanded detailed bill over the Tavan Tolgoi project.

Mongolian People’s party won majority of seats in parliamentary election in July, 2016 which allows the party to make decision by own. Mongolia is planning to bring back to life the long-delayed and massive Tavan Tolgoi coal project.

Located in the South Gobi desert, Tavan Tolgoi is home to the world’s largest high-quality coking coal deposit used in steelmaking, with reserves estimated in 7.5 billion tonnes. According to the Mongolian government, the country’s untapped mineral wealth is worth about USD 1.3 trillion.

Source: News.mn