Arcelor joins Mongolia coal bid

Steelmaker ArcelorMittal and miner Vale are among 15 groups that applied to take part in the bidding to develop Mongolia’s Tavan Tolgoi coal mine. The mine is regarded as one of the world’s biggest untapped reserves with an estimated reserve of 6bn tonnes. Two groups led by Japanese trading houses, one by Mitsui & Co and another by Itochu, have also applied to be part of the bidding. Among other applicants are Xstrata, Peabody Energy, Russian tycoon Oleg Deripaska’s En+ Group, and India’s International Coal Ventures. The bidding process has not been made public.