Oyu Tolgoi ceases copper concentrate shipment to China

Economy | Mining
2016-12-05 13:32:44

Ulaanbaatar /MONTSAME/ The Turquoise Hill Resource has announced that Oyu Tolgoi halted its copper concentrate shipments to China for an uncertain period of time starting from December 2.

The Chinese side had set a requirement to receive copper concentrates through only one road. It is causing long queue at the border checkpoint.

Authorities of the People’s Republic of China has enforced a new regulation at the customs to impose additional fees of CNY 8.0 per ton of goods, CNY 10.0 per truck and equal to 2.0 percent of the value per ton of precious metal and copper concentrate, value of which exceeds CNY 10 thousand, entering China through the Gants Mod border checkpoint.

The total expense of coal exports is being elevated by MNT 30 billion for a year with the new regulation.

For 2016, Oyu Tolgoi is expecting to produce 175-195 thousand tons of copper and 255-285 ounces of gold in concentrate.