Erdenes Oyutolgoi LLC is established

At the Cabinet meeting the members decided to form the state-owned company Erdenes Oyutolgoi LLC as a subsidiary of Erdenes MGL LLC.

Erdenes Oyutolgoi will own state shares of Oyutolgoi LLC, which owns the special exploitation license for the Oyutolgoi deposit mine. Members decided that Erdenes MGL LLC will finance the formation of Erdenes Oyutolgoi LLC, and that the State Property Committee will pass company rules.

The Government has also decided to establish subsidiaries of Erdenes MGL for all strategic deposit mines. The first subsidiary of Erdenes MGL was Erdenes Tavantolgoi LLC. Erdenes Oyutolgoi LLC becomes the second.

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