Saturday, July 18, 2009

Mongolian government suspending mining licenses

Posted in Latest News by Luis Hipolito on 07/17/2009

Press reports on Wednesday said a number of Canadian mining companies were facing problems, including shut downs, by the government of Mongolia.

Western Prospector Group Ltd. (TSXV:WNP) reported on Wednesday that its uranium exploration licenses in Mongolia have been suspended for three months due to claims by Mongolian officials of violations of various laws.

Also on Wednesday, Toronto-based Khan Resources Inc. (TSX:KRI) said its mining license had also been suspended for three months because of alleged mining violations at its Dornod uranium site.

In June, Toronto-based gold miner Centerra Gold Inc. acknowledged that its operating license for the Boroo Mine in Mongolia was suspended for three months by the government.

At the same time, Vancouver-based Ivanhoe Mines is facing some uncertainty following reports that the new government of Mongolia wants to change a proposed mining agreement with the company so the country receives more revenues from its giant Oyu Tolgoi copper-gold project.

http://luishipolito.wordpress.com/2009/07/17/mongolian-government-suspending-mining-licenses/

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