Sumitomo exports mining equipment imports into mongolia

Source: Sumitomo Corp.

Sumitomo Corp. has closed a deal for the export of two Komatsu hydraulic mining excavators worth approximately JPY500 million (USD4 million) to a leading mining contractor in Mongolia, marking the first drawn down from a credit line from Japanese banks. Sumitomo will deliver the equipment via its Mongolian subsidiary, Transwest Mongolia LLC, to Khishig Arvin Industrial LLC. Japan Bank for International Cooporation (JBIC) and Bank of Tokyo-Mitsubishi UFJ are co-financing the deal under an export credit line for Mongolian government established in June 2013.

Sumitomo Corporation has supplied Komatsu mining equipment for Rio Tinto Group’s Oyu Tolgoi copper mine and the state-owned Tavan Tolgoi coal mine since 2010.