Rostec to take over Russia shares in EMC and Mongolrostsvetmet

2015-10-22 14:13:00

Ulaanbaatar /MONTSAME/ The State Great Khural (parliament) ratified Thursday the Mongolia-Russia Intergovernmental protocol on amending the Agreement on Operations of Erdenet Mining Corporation signed by the Governments of Mongolia and Russia on July 1 of 2003.

Same protocol, on amending the April 25 of 2007 Intergovernmental Agreement on Operations of “Mongolrostsvetmet” joint venture was also ratified.

These changes to the key documents have been made upon the Russian government’s request, issued in 2013, to transfer its ownership to “Rostec” (Russian Technologies) state-owned company. According to the intergovernmental agreements, a shareholder must be either a Government or a state-owned legal entity.