Bid Proposal Deadline for Tavan Tolgoi Investment Pushed Back to Jan. 31,

SEOUL -(Dow Jones)- The deadline for proposals to invest in Mongolia's massive Tavan Tolgoi coal deposit has been moved back to Jan. 31 from Jan. 24, a person familiar with the matter said Monday.

"(We) were notified over the weekend that the date has been delayed," said the person, who added that the reason for the extension isn't clear.

Earlier this month, a Mongolian government official had told Dow Jones Newswires that the deadline for proposals has been extended to Jan. 24 from Jan. 17.

The first extension was granted in response to a request from many participating companies from various countries, who couldn't submit bids in time due to the the holiday season, the person said.

The Mongolian government is giving strategic investors a chance to develop roughly half the deposit, in the western Tsankhi area of Tavan Tolgoi.

In recent weeks, bidders from Japan, South Korea and India have said they are interested in developing the deposit.

- By Min-Jeong Lee, Dow Jones Newswires; 822-3700-1908; min-jeong.lee@

By author: admin - Jan 25, 2011 / Categories: News