Investment agreement of "Moncement Plant" was signed by the Government, "Monpoliment" LLC and "Moncement Building Materials" today in accordance with the investment law.
Specifically, 20.1 Article of Investment Law stated that "The Government of Mongolia shall conclude an investment contract with the investor who is to invest more than MNT 500 billion at the investor`s request with the purpose of stabilizing the environment of business activities."
The total investment required for the project is MNT 512.2 billion. Currently, MNT 463.4 billion was invested.
Working group in charge of concluding investment agreement with project investors was established at the order of PM.
Working Group led by the Minister of Industry D.Erdenebat proposed 83 principles and technical requests to the agreement and made negotiation with investors side. Delegations from all ministries involved in the Working Group.
Draft agreement has 16 articles and 19 pages which included amount of investment to the project and its stages, source, stabilization of tax issue, rights, duties and responsibilities of the Government and investors, the environment, social issues and other issues.
Project investor "Monpoliment" LLC started the project to establish dry technology cement processing factory based on Senjit Hudag limestone deposit located in Urgun soum, Dornogobi aimag since 2006. In further, "Moncement Building Materials" LLC to implement this project. If "Moncement Plant" to work with their high capacity;
- 984 000 tons of clinker
- 1 000 000 tons of cement
- 100 000 tons of lime to be produced.
The total investment required for the project is MNT 512.2 billion. Currently, MNT 463.4 billion was invested. Remaining MNT 48.8 billion will be funded by the investors, international banks and financial institutions.
WHAT RESPONSIBILITY DID THE PROJECT IMPLEMENTOR "MONCEMENT BUILDING MATERIALS" LLC TAKE?
- To budget total of MNT 458.1 billion to the state budget as tax (MNT 21.8 billion in a year)
- To employ 375 Mongolian citizens
- To construct kindergarten, apartment for 220 households, shopping center by their own financing
- To decide environment and social issues
- To cooperate with local authorities and residents
- To choose domestic entities at first as subcontractors and suppliers needed for the construction and production of the project
This agreement became the third agreement which was established in accordance with the investment law implemented since the end of 2013.
Investment agreement of "Moncement Plant" was signed by the Government, "Monpoliment" LLC and "Moncement Building Materials" today in accordance with the investment law.
Specifically, 20.1 Article of Investment Law stated that "The Government of Mongolia shall conclude an investment contract with the investor who is to invest more than MNT 500 billion at the investor`s request with the purpose of stabilizing the environment of business activities."
The total investment required for the project is MNT 512.2 billion. Currently, MNT 463.4 billion was invested.
Working group in charge of concluding investment agreement with project investors was established at the order of PM.
Working Group led by the Minister of Industry D.Erdenebat proposed 83 principles and technical requests to the agreement and made negotiation with investors side. Delegations from all ministries involved in the Working Group.
Draft agreement has 16 articles and 19 pages which included amount of investment to the project and its stages, source, stabilization of tax issue, rights, duties and responsibilities of the Government and investors, the environment, social issues and other issues.
Project investor "Monpoliment" LLC started the project to establish dry technology cement processing factory based on Senjit Hudag limestone deposit located in Urgun soum, Dornogobi aimag since 2006. In further, "Moncement Building Materials" LLC to implement this project. If "Moncement Plant" to work with their high capacity;
- 984 000 tons of clinker
- 1 000 000 tons of cement
- 100 000 tons of lime to be produced.
The total investment required for the project is MNT 512.2 billion. Currently, MNT 463.4 billion was invested. Remaining MNT 48.8 billion will be funded by the investors, international banks and financial institutions.
WHAT RESPONSIBILITY DID THE PROJECT IMPLEMENTOR "MONCEMENT BUILDING MATERIALS" LLC TAKE?
- To budget total of MNT 458.1 billion to the state budget as tax (MNT 21.8 billion in a year)
- To employ 375 Mongolian citizens
- To construct kindergarten, apartment for 220 households, shopping center by their own financing
- To decide environment and social issues
- To cooperate with local authorities and residents
- To choose domestic entities at first as subcontractors and suppliers needed for the construction and production of the project
This agreement became the third agreement which was established in accordance with the investment law implemented since the end of 2013.