OT underground finance will boost Mongolia
The signing of a US$4.4 billion project finance facility for the massive Oyu Tolgoi (OT) underground development is a great way to start a new year for the country of Mongolia and for the global mining industry, according to mining industry service company Techenomics International.
Techenomics CEO Chris Adsett says the finance facility, which was finalised in December, is one of the largest ever in the mining industry. “Not only will it ensure that the underground development of OT resumes, it provides a much needed boost for the mining industry in Mongolia and for the country itself.
It also provides encouragement for the industry globally, which is struggling from the effects of lower commodity prices, lack of capital and changing dynamics in major markets.
“Mongolia is already benefiting from open pit mining at OT but the underground development represents 80% of the value of the entire mine and it will not only be a company-maker for Turquoise Hill Resources, but also has potential to be a country-maker. It seems certain to reinvigorate foreign investment in the resource-rich country and support provision of much-needed infrastructure.”
Techenomics serves Mongolian mining and industry with its innovative condition monitoring and fluid management services carried out from a modern laboratory in Ulaanbaatar equipped with state-of-the-art equipment and operated by fully trained local staff members. One of the company’s clients is the OT open pit operations.
Techenomics Mongolia marketing manager Sugarkhorloo Emgen (Sugraa) says the company provides its independent oil analysis and condition monitoring expertise to a number of Mongolian mining and industrial operations. She says resumption of underground development at OT will provide a significant boost for the country’s mining industry, particularly for companies involved in servicing the industry.
“Our innovative and independent fluid management services have held us in good stead in Mongolia during difficult times for industry and mining. As the country moves forward Techenomics Mongolia is perfectly positioned to help equipment operators achieve better productivity through our innovative, highly efficient and cost-effective predictive maintenance methods.
“Techenomics’ oil and fluid analysis services provide a clear window into the hidden depths of engines and hydraulic components. The results and expert advice we provide from the analysis and from trending data enables users to remedy potential issues before they lead to downtime, costly repairs and even engine failure,” Sugraa says.
Chris Adsett concludes: “Techenomics is pleased to be working with OT and welcomes the imminent resumption of development of the massive OT underground mine. We look forward to assisting OT, the mining industry and the country as a whole, develop in the future.”
For more information about Techenomics’ innovative solutions contact Chris Adsett, e-mail c.adsett@techenomics.com, or Sugraa, e-mail sugraa@techenomics.com.