Go To Top

Erdenes Tavan Tolgoi JSC claims for 200 million USD investments

Home pageErdenes Tavan Tolgoi JSC claims for 200 million USD investments
Erdenes Tavan Tolgoi JSC claims for 200 million USD investments
At the Economic Standing Committee meeting of the State Great Khural (Parliament) held on January 09, 2013, Executive Director of the "Erdenes Tavan Tolgoi" JSC Ya.Batsuuri introduced current implementation works following the 39th resolution issued by the Parliament of Mongolia in 2010. 
At the meeting Executive Director Ya.Batsuuri stressed that the Company faces financial problems and needs 200 million USD of investments in order to complete the project that was started in the East and West Blocks of Tavan Tolgoi site in Umnugovi aimag, Mongolia. 
Earlier, “Erdenes Tavan Tolgoi” JSC has been financed first with 350 million USD in the form of an advanced payment under the agreement established with Aluminum Corporation of China Limited (CHALCO), later receiving an additional 131 million USD from GOLOMT Bank (Mongolia) and another 100 million USD from Development Bank (Mongolia), comprising a total of 581 million USD investments to date. 
According to him, only 270 million USD were utilized for the Company’s activity from the total of 581 million USD invested, whereas the rest of 311 million USD was distributed to civilians accounting into the Human Development Fund. 
If to receive the 200 million USD investments, the activity would be normalized and citizens will be able to receive their dividends from 1,072 shares distributed by the Government of Mongolia

Yaichil BATSUURI served as a Member of the Parliament in 2008-2012, elected from the Democratic Party.
At the "Erdenes Tavan Tolgoi" Board Members meeting held on October 11, 2012, it was resolved to replace the incumbent Executive Director B.Enebish and appoint Ya.Batsuuri accordingly.


January 09, 2013

To leave a comment please sign up

Home page     Back     Go to top    
BIZ catalogue
luxury appartment rent
What kind of News would you like to read?