London: Erdenes TT stock sale presented to investors
In June, the Mongolian Cabinet decided to sell up to 30 percent of the ‘Erdenes Tavan Tolgoi Company on the domestic and international stock markets. The company is planning to launch an IPO on the London and Hong Kong stock exchanges. As a part of the preparation for this, T.Tsogtbayar, executive director of Erenes TT together with G.Nandinjargal, State Secretary at the Ministry of Mining and Heavy Industries are attending the Mines & Money London forum on 26-29 November. This forum brings together over 3500 investors, financiers, brokers and senior mining executives and is Europe’s leading mining investment and capital raising event. At Mines & Money London, the Mongolian delegates have already presented an introduction about the sale of the Erdenes TT stock.
In 2017, Erdenes TT mined more than 10.1 million tons of coal and exported 8.4 million tons, amassing revenue of 1.1 trillion MNT. From this revenue, 243 billion MNT was contributed to the state budget.
Tavan Tolgoi is one of the world’s largest untapped coking and thermal coal deposits, located in the South Gobi Province in southern Mongolia. All of Tavan Tolgoi deposit is owned by Erdenes MGL (a government-owned company) except for the Ukhaa Khudag section which is mined by the Mongolian Mining Corporation.
