VANCOUVER — Reports have began to surface that ongoing discussions within the Mongolian parliament may end a stalemate amongst international mining companies and the central government.
The dispute arose last year and includes negotiations over a proposed underground expansion at Rio Tinto's (NYSE: RIO; LON: RIO) large scale Oyu Tolgoi copper-gold mine, which it controls through Turquoise Hill Resources (TSE: TRQ; NYSE: TRQ). An additional 11 foreign licenses holders were affected when the Mongolian government invalidated 106 mineral exploration licenses.
Mongolian officials announced earlier this month that the government intended to submit a pair of bills to parliament in a bid to re-ignite the nation's mining sector. One would repeal a law enacted in 2010 that suspended the issue of new exploration licenses, while a second would open up areas to mining that were previously unavailable due to environmental restrictions relating to rivers and forests.
Read the complete story at NorthernMiner.com/news/mongolian