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GOVERNMENT TO BUY 49 PER CENT SHARE OF ERDENET MINING CORPORATION

GOVERNMENT TO BUY 49 PER CENT SHARE OF ERDENET MINING CORPORATION
04
Jan

GOVERNMENT TO BUY 49 PER CENT SHARE OF ERDENET MINING CORPORATION

The Government made a decision to buy 49 percent shares of Erdenet Mining Corporation and Mongolrostsvestmet LLC. Mongolian Copper Corporation (MCC) had bought the 49 per cent shares owned by Russian Federation and now the Government is buying it from the MCC. An amount of USD400, 272 million paid by MCC to Russian Federation will be transferred to MCC in a way of recoupment. It means, for example, the payment will be reimbursed with loans provided to the Trade and Development Bank of Mongolia by Mongolian Development Bank and MongolBank, as well as with concession agreement in Selenge province. Erdenet Mining Corporation will be fully owned by Mongolian Government.