Mongolia – 51% and Russia – 49% joint venture Mongolrostsvetmet LLC held a board meeting and discussed possibilities of forming a joint venture dedicated on developing Asgat silver and copper deposit which is located in north western part of the country 1800 km from the capital Ulaanbaatar. It has total average ore reserve of 23.1 million tons and estimated 246 million oz of silver. Sides have agreed that it will be an economically viable project. Also, this summer, paved road was built making the deposit more accessible.
Members of the board decided the it is time to develop a fully operational mine and form a joint venture with state owned Erdenes MGL LLC and Rostec owning 51% and 49% respectively. Sides also have agreed to forma working group to implement the decision.