St. Louis-based Peabody Energy Corp., one of the world’s biggest coal miners will be “an active participant,” said spokesman Chris Curran in a statement; Hong-Kong listed Mongolia Mining Corp. (MMC) and Japan’s Itocho Corp. will also be bidding, reported company representatives.

The cash-strapped Ulan Bataar government had previously failed to finance their project 186 miles from the Chinese border amid slackening foreign investment, sluggish demand and a weak economy in wake of a 2011 international tender collapse.