The World Bank-supported mining legislation was introduced to attract investment into copper and cobalt projects from global miners including Glencore Plc, Freeport-McMoRan Inc. and China Molybdenum Co. Gécamines claims country has not benefited from it.
The company also said is ready to shut Caledonia mine mid-next year if it has not found a strategic partner ready to buy a 20 to 40% stake in the project.
Erdenet, which produces 530,000 tons of ore annually, is one of Asia’s biggest copper and molybdenum mines and a top tax contributor to the country’s $12 billion economy.
About 150 workers will be pre-selected as a result of the process, which closes on Dec. 24. They’ll join the over 1,100 employees already working on the much-needed project.
