Erdenes Tavan Tolgoi will export 11 million tons of coal

Apr 8 • Featured, Mining, News • 3039 Views • No Comments on Erdenes Tavan Tolgoi will export 11 million tons of coal

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Government planned to collect MNT1.4 trillion or USD800 million approximately from the mining industry in terms of taxes in 2014, 43% from coal, 27% from copper concentrate, and 13% from gold respectively. This accounts 12% of the budget income. It is deemed impossible to collect the planned coal revenue. Last year, it planned that coal export will reach 34 million tons, however the reality was only 18 million tons. Again, the plan in 2014 is 31.4 million tons. First quarter of this year revealed that only 3.6 million tons have been exported. This revenue is around USD45 million. The decrease is five fold comparing to 2012. The coal price assumption is USD81-115 per ton. It was assumed that Erdenes Tavan Tolgoi JSC would export 11 million tons this year out planned 31.4 million tons. Unfortunately, ETT JSC is shipping the owed coal to Chalco. At this pace, ETT JSC will pay-off the Chalco debt in June, 2014.

 

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