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South Korea inks railway pact with Mongolia
26 March 2011: A South Korean consortium has signed a $3 billion (approx Rs 13,403 crore) preliminary deal to build a railway serving the world's largest untapped coal mine in Mongolia. The consortium includes the state-run Korea Rail Network Authority and top builders such as Daewoo Engineering & Construction, Hyundai Engineering & Construction and Lotte Engineering & Construction.
The work on the project is expected to start from the next year. The consortium has offered to build a 1,040 kilometre (650 miles) railway linking Mongolia's Tavan Tolgoi mine in the south Gobi desert with the eastern city of Choibalsan early this month. The five-year project is part of a Mongolian government plan to build 5,500 kilometres of cross-country rail by 2015 to transport mineral resources from its mines.
Source: Business Recorder