Minister of Mineral Resources D. Zorigt, Minister of Finance S. Bayartsogt and Minister of Environment L. Gansukh briefed on the implementation course of SGK’s resolution number 57 regarding OT IA at the regular meeting of standing committee.
We clarified the matter from the Minister for Mineral Resources D. Zorigt:
Q: Would you brief us on this year’s investment forecast?
D.Zorigt: USD 758 million worth investment is planned to be made this year. During 2010-2012 USD 400 million worth projects will be implemented and local enterprises will have the opportunity to be involved in these projects.
Q: It was heard that the development project is running behind the schedule.
D.Zorigt: Yes it is; preparatory works had affected it. In addition we faced some difficulties at the customs.
Q:Will the rising stock prices of Ivanhoe Mines somehow influence in the scale of investment?
D.Zorigt: You can’t tell that the stock prices have a direct link to investment. The scale of investment will remain unchanged despite the fact that the stock prices of Ivanhoe Mines and Rio Tinto are increasing.
Q: It was heard that the government is going to establish a daughter company of Erdenes MGL. Would you give us more details on that?
D.Zorigt: We established a company named Erdenes Tavantolgoi. This company will own the special license of TT deposit. 10 percent of its total equity stakes will be distributed to citizens and another 10 percent will be traded to local entities. We would finalize the investment agreement issue during the fall session. Erdenes Tavantolgoi will be the property of Mongolian people.