TOP MINING COMPANIES PRESENT AT GOVERNMENT OPEN DOOR DAY EVENT

Within the framework of the Government Open Door Days event being held these days, Ministry of Mining and Heavy Industry is organizing an open door day event on September 25. More than 40 entities working in the mining industry, which accounts for 86 percent exports of Mongolia and one fourth of the country’s total budget revenue, are taking part to introduce their activities. 

Presentations on domestically-assembled eco bus by companies of the National industrial council, copper concentrate plant project by Industrial and technological park, methane gas plant project by Erdenes Methane, a subsidiary company of Erdenes Mongol LLC and Monatom were made during the event being held at the central square. Moreover, largest mining companies in Mongolia Erdenet Mining Corporaiton, Oyutolgoi, Erdene Tavantolgoi, Darkhan Metallurgical Plant, Monrostsvetment and MAK as well as Mineral Resources Authority, Central Laboratory of Mining, University of Science and technology and Geological Research center introduced their operations. 

At the open day event, CEO of Erdenes Tavan Tolgoi JSC B.Gankhuyag gave a report on the subsidiary companies of the Erdenes Tavan Tolgoi. The company now owns 66 percent of the ‘Tavantolgoi railway’ LLC, a special purpose entity, by a government resolution of this year. He noted that the company now requires USD 690 million to complete a railway project. 

Furthermore, the Erdenes Tavantoloi is financing a railway construction project of Tavantolgoi-Zuunbayan with MNT 750 billion by purchasing securities of the Mongolian Railways company. Another subsidiary company the Erdenes Tavantolgoi owns Erdenes Tavantolgoi Mining, whose 30 percent stake is offered to foreign investors on stock exchanges, according to CEO B.Gankhuyag. 

Source: https://www.montsame.mn/en/read/201773