Minister for Minerals and
Energy D. Zorigt has been reported by Bloomberg as saying in an interview in
the Chinese city of Tianjin that Mongolia will take bids for a contractor to
mine Tavan Tolgoi “in early October”.

Mongolia wants to retain
ownership of new mines including Tavan Tolgoi, and expects to set up a
state-controlled company, Erdenes Tavan Tolgoi, to oversee the deposit before
the start of the mining season in April.“The government is in the process of
appointing an independent board and CEO for the Tavan Tolgoi company,” he said.

Mongolia plans to sell 30
percent of the company controlling Tavan Tolgoi in share sales to help fund
USD1.5 billion of initial development cost, the minister said on July 8. The
shares will be sold in Mongolia and overseas. The government hasn’t decided
which overseas stock market will handle the sale, Zorigt said.