Shenhua set to invest in Mongolia

A consortium that includes China Shenhua Energy Co, a leading coal miner in China, is planning to invest in a coal project in Mongolia and the consortium has been invited by Mongolian authorities to conduct further negotiation, the company said in a filing on the Shanghai Stock Exchange Wednesday.

The consortium is expected to develop east Tsankhi and west Tsankhi, two blocks of the Mongolia's Tavan Tolgoi coal project.

Shenhua formed a consortium with Energy Resources LLC, a wholly owned unit of the Mongolian Mining Corp (MMC), and Japan's Sumitomo Corp, Reuters reported on December 5.