Erdenet Mining Corporation to become a PLC

The American Chamber of Commerce in Mongolia

2018-01-11 16:30 GMT+8

During the January 10 session of Cabinet, it was decided that Erdenet Mining Corporation (EMC) would become a public limited company (PLC) and that a certain amount of its shares would be made available to the public.

Minister of Mongolia G. Zandanshatar, Finance Minister Ch. Khurelbaatar, Mining Minister D. Sumiyabazar, and the Government Agency for Policy Coordination on State Property have been assigned with issuing proposals on how to distribute EMC shares to citizens, which would then be reviewed by Parliament.

The cabinet will determine regulations regarding the share distribution how, what percentage of the shares will be distributed, and conditions for the buying of shares.

A property assessment of EMC will be carried out as well. EMC has the capacity to produce 26 million tons of ore, 530,000 tons of copper concentrate, and 4,500 tons of molybdenum concentrate per year.

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