There was a signing ceremony of Board of Directors of EBRD on the MOU to make direct investment of up to 30 million USD in Uhaa Hudag project of Energy Resource LLC.
Mr. Odjargal.J, Head of the Board of Energy Resource LLC, expressed his willingness to become top taxpayer in the Mongolian economy in time of recession and importance of establishment of a new mining company that can create over 450 workplaces in relatively short time span when the Mongolian budget is in deficit and business opportunities are so limited.
“When the mine will operate in its full power, it can provide over 1000 workplaces in the Mongolian economy, increasing number of skilled workers in the railway industry. Energy Resource LLC will use the direct investment in building coal mine, enriching factory and infrastructure. Through the implementation of direct investment in Uhaa Hudag project, our opportunity and contribution in the Mongolian industrialization, competency of private industry in export market, introduction of most up to date and modern technology and implementation of the state policy will expand” he continued.
Mr. John Chomel-Doe, Country Director of EBRD, said that “Mongolia’s future development is tangible to the development mining industry. Therefore, EBRD is happy o become the investor in Energy Resource LLC and making direct investment this important sector. Our investment will be used in building international level of mining experience and developing infrastructure in relationship with it. It will surely help in Uhaa Hudag project to move forward.
It was wise investment of Energy Resouorce LLC in time of economy recession and it will cooperate with many foreign organizations and business entities in the field of safety, environmental issue, among them are Leyton, Aquaterra, Sedgman, “Detsche Bahn Int’l”, “Norvest”.