Mongolia rejects major coal mine deal

Mongolia's National Security Council (NSC) has rejected a tentative deal struck in July with foreign firms to develop a vast coal deposit, a presidential spokeswoman said Saturday. The move is likely to deal a blow to US mining giant Peabody Energy, China's Shenhua and a Russian-led consortium that had been announced as winners of the right to mine part of Tavan Tolgoi, the world's largest untapped coal deposit.
On Saturday, S. Batzaya, a spokeswoman for President Tsakhia Elbegdorj, told AFP the council - which consists of the president, prime minister and parliamentary speaker - had rejected the deal, without providing more details.