UPDATE 1-Japan, S Korea, Russia eye Mongolia coal mine – Nikkei

Dec 25 (BestGrowthStock) – Itochu Corp (8001.T: ), Sumitomo Corp
(8053.T: ) and two Japanese trading firms will jointly bid for
rights to a large Mongolian coal mine, along with a South
Korean consortium and a state-owned Russian company, the Nikkei
business daily said.

The Tavan Tolgoi mine in southeast Mongolia is said to host
untapped deposits of more than 6 billion tons — over 30 times
Japan’s annual coal imports — the paper said.

Trading houses Marubeni Corp (8002.T: ) and Sojitz Corp
(2768.T: ), together with Russia’s state-owned railway company
and a South Korean consortium led by Korea Resources Corp, have
agreed to jointly bid in an auction to be held by the Mongolian
government in mid-January, the daily said.

The partners plan to transport the mined coal by rail to
the east Russian coast, the newspaper added.

Meanwhile, Mitsui & Co (8031.T: ) and Chinese partner Shenhua
Group Corp (601088.SS: ) (1088.HK: ) are also discussing a joint
bid with U.S. coal giant Peabody Energy (BTU.N: ), making it the
second and only other group, to participate in the bidding,
down from the initial five, the Nikkei said.
(Reporting by Gowri Jayakumar in Bangalore; Editing by Roshni
Menon)

UPDATE 1-Japan, S Korea, Russia eye Mongolia coal mine – Nikkei