ERDENES MONGOL PAYS OUT MNT 2.37 BILLION IN DIVIDENDS

Erdenes Mongol LLC, established in 2007 with a purpose to represent the Government of Mongolia in developing the nation’s strategically important mineral deposits, has transferred a total of MNT 2 billion 37 million to the Government’s Implementing Agency for Policy Coordination on State Property to pay for the distribution of dividends for 100 million shares. 

In 2019, the Erdenes Mongol‘s capital equaled to MNT 11.9 trillion and its revenue totaled MNT 265 billion to pay MNT 48.3 billion to the government budget as payment for taxes and fees. As part of its social responsibility and based on its net profits made in 2019, the state-owned company is now paying out dividends to its shareholders for the first time in its operation. 

Erdenes Mongol LLC focuses on providing an integrated and effective strategy and management by holding the ownership of the state-owned shares and interest in legal entities licensed to develop strategically important mineral deposits and legal entities implementing associated infrastructure development, projects, and programs.  

Owning 13 special licenses for exploration and mining, Erdenes Mongol LLC operates with 13 subsidiaries and 2 project units. In particular, the company owns more than 50 percent shares of Erdenes Tavan Tolgoi JSC, Baganuur JSC, Shivee Ovoo JSC, Mon Atom LLC, Erdenes Shive Energy LLC, Erdenes Methane LLC and Erdenes Asset Management LLC. 

It also owns the state-owned shares of 34 percent of Oyu Tolgoi LLC through its subsidiary, Erdenes Oyu Tolgoi, and operates Gashuun Sukhait Road LLC, which was established based on public-private partnership, to manage its transportation road usage, maintenance, and repair.

In 2020, the company was committed to implement the law on one-time cancellation of pension-backed loan debts using the future profits from the Salkhit silver deposit, owned by its subsidiary Erdenes Silver Resources.  The company will continue to work to distribute MNT 1 million in May 2021 to each pensioner, who had not taken out pension-secured loans in 2019 and did not receive benefits from the law. 

Source: https://montsame.mn/en/read/253073