Ulaanbaatar /MONTSAME/. On April 23, a shareholders’ meeting of Erdenes Tanatolgoi JSC was held in a virtual format in line with guidance from the State Emergency Commission and Financial Regulatory Commission due to the coronavirus pandemic. The meeting was live broadcast on the company’s website - www.ett.mn and Facebook page dedicated for ‘Information center of 1,072 shares of Erdenes Tavantolgoi’. 

The shareholders meeting was attended by representatives with voting rights from the Ministry of Mining and Government Implementing Agency for Policy Coordination on State Property - holders of the state ownership in the Erdenes Tavantolgoi company, as well as independent members and company officials. 

Items on the meeting agenda included board conclusion on the 2020 performance report of the Erdenes Tavantolgoi, a decision on not to pay dividends, changes to the corporate charter, and financing measures for projects and programs. 

In 2020, the Erdenes Tavantolgoi JSC sold 15.5 million tons of coal, fully achieving its production target and exceeding its sales target by 111 percent. The company’s sales revenue reached MNT 1 trillion 677.1 billion, net profit totaled MNT 149.4 billion, and contributed MNT 490.1 billion to the state budget. During the reporting period, the company also worked on settling investment financing for the development projects for Tavantolgoi-Zuunbayan and Tavantolgoi-Gashuunsukhait railways and TavanTolgoi Fuel company manufacturing refined coal briquette with the aim of reducing air pollution of Ulaanbaatar city.  

Under its five-year business plan ‘A6-20’ on growth goals and targets in coming years, the company is further working to increasing the value of 1,072 shares owned by each citizen of Mongolia, focusing on the production of value-added end products, intensifying infrastructure development projects to improve Mongolia’s competitiveness in the world coal markets, enhancing its contribution in the government’s MNT 10 trillion economic recovery and health protection comprehensive plan and attracting investments through its ETT bonds in order to finance large scale projects. 

The meeting also heard a presentation on the company’s board decision not to pay out dividends for its shareholders in 2021 in connection with the increasing the amount of investment to be spent for the development projects as stated in the government’s action plan. 

The state-owned Erdenes-Tavantolgoi JSC was established on December 23, 2010, under the respective decisions of the State Great Khural and the Government with a purpose to utilize the Tavantolgoi deposit for the benefit of the citizens of Mongolia. The main objective of Erdenes-Tavantolgoi JSC is to put strategically important coal deposits into economic circulation, conducting mining operations, and implementing infrastructure projects according to Law on Minerals. According to the relevant government decisions every citizen born before April 2012 owns 1,072 shares of the Erdenes Tavantolgoi company.