MEMBERS OF THE STANDING COMMITTEE ON BUDGET GET ACQUAINTED WITH THE ACTIVITIES OF "ERDENES-TAVANTOLGOI" JSC

Chairman of the Parliamentary Standing Committee on Budget Mr.Javkhlan. B, and members Oyunchimeg.M, Gankhuyag.Kh, Enkhbayar.B, Amartuvshin.G, Munkhtsetseg.Ts, Undram.Ch and Unurbolor.D have visited “Erdenes-Tavantolgoi” JSC to get acquainted with its activities and discussed progress of future plans and ongoing projects. 

 

Mr. Gankhuyag.B, CEO of the “Erdenes-Tavantolgoi” JSC presented introduction of the cintroduced to the members. The company holds eight mining licenses for the Tavantolgoi deposit, world leading coking coal reserves and quality. Company’s 85.2 percent is state-owned, and 2.5 million Mongolian citizens own 14.75 percent and enterprises own 0.05 percent.

In his presentation, he noted that the company produced its 65 millionth tonne of coal in July 2020, since its inception.  In total, company employs more than 900 people.  In 2012, the company issued 1,072 shares to all citizens of Mongolia. In March, 2017 made full repayment of its US$350 million dept obligation to CHALCO. 

 

He also briefed MPs on the investment and financial situation. 750 billion MNT has been invested in the Tavantolgoi-Zuunbayan railway and more than 700 billion MNT in the Tavantolgoi-Gashuunsukhait railway as part of the goal of supporting domestic development and railway infrastructure. In addition, the production and sales situation in 2020 was presented in detail. Members of Parliament commented on the presentation, asked questions and received answers. Members were asked about dividends, how they support local businesses in projects and programs, water use, and future visions and plans. And the people are the owners of natural resources. There is no legal basis for making decisions beyond the Parliament to decide where and how to spent profits of “Erdenes Tavantolgoi' JSC. Members agreed that care should be taken to ensure that the policy is free from politically motivated policies, according to the Parliament's Media and Public Relations Department.