New Tavan Tolgoi CEO May Hasten Coal Project Launch

Reuters reported that Enebish Baasangombo, CEO of Erdenes Tavan Tolgoi LLC, has resigned for personal reasons. Hopes are high that Batsuur Yaichil, the new CEO, may speed up the launch of the long-delayed Tavan Tolgoi coal project.

As quoted in the market news:

A new chief may help jumpstart the launch of the much coveted 7.5-billion-tonne coal deposit, situated around 300 kilometres from the Chinese border, which has been repeatedly delayed as a result of financing problems.

Enebish has been subject to criticism for his failure to get the project moving and for overspending on mining equipment, an industry source with ties to the government said on condition of anonymity.

Click here to read the full Reuters report.