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The 51% of Russia-Mongolia “Erdenet” Mining Corporation will be wholly owned subsidiary of “Erdenes MGL” LLC

Home pageThe 51% of Russia-Mongolia “Erdenet” Mining Corporation will be wholly owned subsidiary of “Erdenes MGL” LLC
The 51% of Russia-Mongolia “Erdenet” Mining Corporation will be wholly owned subsidiary of “Erdenes MGL” LLC
At the Cabinet meeting held on Saturday, March 16, the Government’s resolution was issued on accelerating some measures in order to run the strategically important mining deposits into economic circulation.
 
In conjunction, mining special licenses of the following strategically important mining deposits including Russia-Mongolia joint venture “Erdenet” Mining Corporation (Mongolia owns 51%), “Baganuur” JSC and “Shivee Ovoo” JSC were resolved to transfer into the “Erdenes MGL” LLC’s account, that is also to be responsible on implementation of infrastructure development of these mine deposits.
 
Moreover, affiliated ministers were obliged to conduct bilateral talks with special license owners of Tsagaan Suvarga mine (copper, molybdenum), Tumurtei Ovoo (zinc, plumbum), Nariin Sukhait (coal), Boroo (gold) and Burenkhaan mine (phosphorite) in order to determine a state-own share, nevertheless make some estimation on a feasibility study, agreement on stability, environmental rehabilitation and on implementation and its completion of regulations regarding nature protection. 
 
The “Erdenes MGL” LLC a state-owned limited liability company (LLC) was established for the purpose of representing the Government of Mongolia in ownership and development of strategically important mining deposits in Mongolia. As part of directives by the Government of Mongolia and the State Property Committee, “Erdenes Tavan Tolgoi” JSC and “Erdenes Oyu Tolgoi” LLC, wholly owned subsidiary of “Erdenes MGL” LLC, were established to develop and operate the Eastern Block of Tavan Tolgoi massive coal and gold deposits located in Tsogttsetsii and Khanbogd sums of Umnugovi aimag (province), Mongolia, besides “Erdenes MGL” LLC owns a mining special license of Shivee-Ovoo coal deposit that stretches up to 4,293 ha of territory. 
  
Update: 2014.05.20: “Erdenes MGL” LLC changed its name into “Erdenes Mongol” LLC
Update: 2013.06.03: Government of Mongolia resolved to register 7 mine deposits into the list of strategic importance
 
    

March 18, 2013


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