D.Sumiyabazar: Works to put Tavan Tolgoi into economic circulation begins

Economy
batchimeg@montsame.gov.mn
2018-07-02 11:59:06
Ulaanbaatar /MONTSAME/ In connection with approval of the Parliamentary Resolution on Intensifying Activities of Tavan Tolgoi coal deposit  on June 29, Minister of Mining and Heavy Industry D.Sumiyabazar delivered information on actions to be taken in nearest future.

The Government is commencing works to put Tavan Tolgoi deposit into economic circulation today following to directions given by the Parliament, the Minister noted. Now the Government will set up an extended working group to finalize relevant Government resolutions. The mine reserve estimation was made in 2011 and re-estimation will be made and will be publicly announced.

According to the parliamentary resolution, work to launch Erdenes Tavan Tolgoi company’s IPO at global market will begin in 2019 and the Government will ensure the IPO preparation works within 180 days and will introduce it to the Parliament at the end of 2018. “It is significant to commence the work without losing time when price of minerals has been raised at the global market, domestic political condition is favorable as well as having much support from the society regarding the TT development” said Minister D.Sumyabazar. To choose stock exchange for launching IPO, offers from foreign stock exchanges such as Hong Kong, New York, Shanghai, Tokyo and Toronto will be taken into consideration. “We see the NYSE and HSE are possibly to put more profitable offers. Also the Government is to hold talks with biggest international investment banks and collaborate with domestic and foreign consultants for studying stock market.

The Minister underlined that construction work of TT railway would be commenced urgently, as it is a fundamental base of intensifying Tavan Tolgoi mine development.

B.Batchimeg