Ulaanbaatar
D.Sumiyabazar: Tavan Tolgoi project to become mega project
Economy
Ulaanbaatar /MONTSAME/ The Parliament consented to discuss a draft parliamentary resolution on intensifying operation of Tavan Tolgoi coal deposit submitted by the Cabinet on June 21. Minister of Mining and Heavy Industry D.Sumiyabazar and CEO of Erdenes Tavan Tolgoi (ETT) JSC B.Gankhuyag held a press briefing on the draft resolution on June 26.
Minister D.Sumiyabazar said it is expedient to operate ETT JSC by the rule meeting international standard. The draft resolution prioritizes national interests by means of increasing values of citizens-owned shares, retaining control package under the government control, as well as backing development of domestic stock market. A specific fundings are required for expanding further activity of the company.
For this, it is of importance to build a coal concentrating plant and thereby, its feasibility study has been made, the Minister added. The plant will allow washing and concentrating coal that satisfies demands of modern steel mills.
ETT JSC plans to launch its IPO on domestic and foreign markets by offering its 30 percent of shares. Through launching its IPO, the company aims to intensify shares circulation through commencing trade of citizens’ and entities’ shares, to finance certain projects and programs charted to increase efficiency of the company and to resolve current asset issues.
Minister D.Sumiyabazar said it is expedient to operate ETT JSC by the rule meeting international standard. The draft resolution prioritizes national interests by means of increasing values of citizens-owned shares, retaining control package under the government control, as well as backing development of domestic stock market. A specific fundings are required for expanding further activity of the company.
For this, it is of importance to build a coal concentrating plant and thereby, its feasibility study has been made, the Minister added. The plant will allow washing and concentrating coal that satisfies demands of modern steel mills.
ETT JSC plans to launch its IPO on domestic and foreign markets by offering its 30 percent of shares. Through launching its IPO, the company aims to intensify shares circulation through commencing trade of citizens’ and entities’ shares, to finance certain projects and programs charted to increase efficiency of the company and to resolve current asset issues.
According to estimations, implementation of the project will help augmenting export income, accumulating USD 400 million to USD 1 billion revenue in the government budget as well as creating about 5800 jobs directly and indirectly.
B.Batchimeg
