Mongolian Copper Corporation LLC proposes to negotiate with Gov't

ZGM DAILY

2019-03-14 08:55 GMT+8

MCC EXPRESSES WILLINGNESS TO SETTLE EMC'S 49 PERCENT STAKE ISSUE

Purevtuvshin Tsooj, the CEO of the Mongolian Copper Corporation (MCC) LLC, and Munkhbaatar Myagmar, the Chairman of the company, have offered to negotiate with the Mongolian Government regarding the 49 percent stake in the Erdenet Mining Corporation (EMC).

Mr. Munkhbaatar said, “MCC has submitted a request to Prime Minister Khurelsukh Ukhnaa. The obligation to conclude a deal with our company was provided to the Cabinet by a Parliamentary resolution in 2017. The court had adjourned to restore our company’s ownership of 49 percent stake in the EMC due to the fact that the sides did not settle on a deal. In connection with recent events, we are requesting again to negotiate.

Previously, our request was submitted several times to the Prime Minister and other related authorities. The Parliament has approved the Resolution No.23 to instruct the Cabinet to hold negotiations with our company. A deal is a document signed by both parties. However, we have not done that.”

“Investigation on the 49 percent shares of EMC has been going on for over a year. I have given over 10 testimonies to both the Criminal Police and the Independent Authority Against Corruption. We see the Government's actions as a social demand. We are still willing to settle the issue. Our position remains unchanged and to confirm it, we are submitting the request to the PM,” noted Mr. Purevtuvshin.

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