On January 14, 2023, PowerChina and Mongolian South Gobi Resources Co., Ltd. signed a coal mine project cooperation framework agreement. Relevant persons in charge of SouthGobi Resources, the Tenth Bureau of Hydropower, the company office, the Ministry of Hydropower and Water Affairs, and the Eurasian Regional Headquarters attended the signing ceremony.

Two coal mine projects in Mongolia

The framework agreement includes two coal mine projects, the Ovoot Tolgoi Coal Mine Project and the Sumber Coal Mine Project, both located in South Gobi, Mongolia, with good coal reserves and quality.

Before the signing of the agreement, the two sides held friendly talks. Ji Xiaoyong, Secretary of the Party Committee and Chairman of POWERCHINA International, extended a warm welcome to An Yong and his party, and introduced the situation of POWERCHINA Group and its international business. He said that after years of overseas market development, POWERCHINA International has established a relatively complete international marketing system, and has strong strength in the entire industrial chain in the fields of water conservancy and hydropower, new energy, and mineral resources. In the future, under the framework of the cooperation agreement between the two parties, the two parties should give full play to their respective advantages, increase the intensity and breadth of cooperation, and promote the effective implementation of the project as soon as possible.

An Yong, chairman of Inner Mongolia Tianyu Innovation Investment Group, the controlling shareholder of SouthGobi Resources, expressed his gratitude to PowerChina International and introduced the overall business situation of SouthGobi Resources. He said that SouthGobi Resources and PowerChina have a solid foundation for cooperation, and hoped that in the future, the two parties can focus on the mining field to achieve complementary advantages, mutual benefit and win-win results.

He Qigang, Secretary of the Party Committee and Chairman of the 10th Bureau of Hydropower, expressed his gratitude for the trust in SouthGobi Resources, and introduced the development of the mining industry of the 10th Bureau of Hydropower. He said that the mining industry is a characteristic business and a pillar industry of the Tenth Bureau of Hydropower. The company has successfully implemented a series of major projects with the goal of building a mining brand within the group. The 10th Bureau of Hydropower has excellent resource strength in Mongolia. With the joint efforts of both parties, it will effectively promote the high-quality performance of the project and create good benefits. Editor/He Yuting