Engineering & Mining Journal

DEC 2018

Engineering and Mining Journal - Whether the market is copper, gold, nickel, iron ore, lead/zinc, PGM, diamonds or other commodities, E&MJ takes the lead in projecting trends, following development and reporting on the most efficient operating pr

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Page 82 of 115 E&MJ • DECEMBER 2018 81 mining project, a JV between Turquoise Hill Resources (a majority-owned subsidiary of Rio Tinto) and the Mongolian Government, is the largest financial undertaking in Mongo- lia's history. A Foreign Investment Promotion and Protection Agreement (FIPA) was signed between Canada and Mongolia in Septem- ber 2016, and in 2017, Mongolian private company Steppe Gold, with head offices in Toronto and Ulaanbaatar, was the first com- pany to sign an MOU with the government for their Gold-2 program. Founded in 2016, Steppe Gold acquired the ATO project from Centerra Gold, with the intention to grow the company through other acquisitions. In July 2018, Steppe Gold went public and raised C$25 million with an IPO on the main board of the TSX. Aneel Waraich, director and executive presi- dent of Steppe Gold, expanded on its imme- diate priorities: "The aim is to have the mine fully built and start production by Q1 2019. The ATO project will provide an estimated 37,000 oz AuEq/year, at US$333/oz cash costs from oxides." When asked about Steppe Gold's longer- term ambitions, Aneel declared: "To become Mongolia's largest mid-tier gold and mineral producer." Canada's influence in Latin America In Latin America, Canadian miners are the most influential foreign group within the region's mining sector. Supported by bilat- eral trade agreements, institutions such as chambers of commerce, and a shared deep- rooted mining tradition, many of the mining producers and junior explorers active in Latin America are headquartered in Canada's two major mining hubs – Toronto and Vancouver. One of the Toronto-based companies en- joying success in Latin America is Torex Gold Resources (TGR), which came into produc- tion in 2016 with an U$800 million invest- ment. TGR is the 100% owner of the More- Fred Stanford, president and CEO, Torex Gold Resources.

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