A meeting of the shareholders of Erdenes Tavant Tolgoi (ETT) JSC was held on April 27, and the company's 2017 highlights were discussed. Since its inception, the company has extracted 34.8 million tons of coal and exported 30.6 million tons, with gross sales revenue of 2.7 trillion MNT as of early 2018.
Last year, ETT exported 8.5 million tons of coal valued at 1.2 trillion MNT, 2.5 times more than export volume in 2016. The company earned net profits of roughly 461 billion MNT and generated 235.5 billion MNT in tax income for the state in 2017. Acting CEO of ETT B. Gankhuyag said, “The year 2017 was full of successes, and it was the first time we operated without a loss. We completed payment for some external loans and increased our intangible assets by 11.2 trillion MNT. We are planning to register 2.5 million citizens who own 13.5 percent shares and allocate dividends starting in 2019. It is expected that the company will issue stocks in the fourth quarter.”
A meeting of the shareholders of Erdenes Tavant Tolgoi (ETT) JSC was held on April 27, and the company's 2017 highlights were discussed. Since its inception, the company has extracted 34.8 million tons of coal and exported 30.6 million tons, with gross sales revenue of 2.7 trillion MNT as of early 2018.
Last year, ETT exported 8.5 million tons of coal valued at 1.2 trillion MNT, 2.5 times more than export volume in 2016. The company earned net profits of roughly 461 billion MNT and generated 235.5 billion MNT in tax income for the state in 2017. Acting CEO of ETT B. Gankhuyag said, “The year 2017 was full of successes, and it was the first time we operated without a loss. We completed payment for some external loans and increased our intangible assets by 11.2 trillion MNT. We are planning to register 2.5 million citizens who own 13.5 percent shares and allocate dividends starting in 2019. It is expected that the company will issue stocks in the fourth quarter.”