License of “Erdenes Tavantolgoi” will be transferred this week

“Erdenes Tavantolgoi”’s board meeting was held on the 19th of July. The meeting discussed about transferring the license of “Erdenes Tavantolgoi”. Board member D.Enkhbat answered questions regarding the issue.

Q: What issues were discussed in the meeting?

D.Enkhbat: We have approved to transfer the license of Erdenes Tavantolgoi and approved the finances for new technologies that will expand production output. The western and eastern Tsankhi of Tavan Tolgoi has 5 licenses. The transferring of these licenses will take place this week and after that exporting works will start.

Q: How many licenses will Erdenes Tavantolgoi receive?

D.Enkhbat: Only one license will be given to Erdenes Tavantolgoi from Erdenes MGL for now. Production has started and surface layer is removed already and it is ready to mine. It is just waiting on the license issue. The Parliament has ordered to transfer all five licenses but the Government had planned to do that after all the reserves of the west and east Tsankhi is determined and most importantly when investment is flowing in.

Q: Did the working group decide on the last draft of the Investment Agreement of Tavan Tolgoi to be approved by the Parliament?

D.Enkhbat: The working group of the Government will make decision on that and from our information it will be finalized very soon. It is crucial to start the business going as soon as possible and to get the infrastructure ready. The Director of the Company was ordered to start exporting as soon as possible because the mine is ready for export. When the export starts, we can start the IPO and it is possible that we will cooperate with more than one or two Stock Exchanges. It is possible to start the IPO from the beginning of the next year.

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