Shareholders' meeting of Erdenes Tavantolgoi takes place

Economy | Mining
2017-04-28 15:38:44
Ulaanbaatar /MONTSAME/ Today, April 28, a regular meeting of shareholders of Erdenes Tavantolgoi Company was held at the Finance Center. Out of 2.5 million Mongolian citizens, who own 1072 shares of the company each, 65 shareholders attended the meeting.

A conclusion of the Erdenes Tavantolgoi BoD regarding a 2016 report of the activities of the companies was discussed and approved. As a result of proper management policy, the company raised its revenue by restoring mining operations in West Tsankhi block, kept stable operation of East Tsankhi and lowered the debt amount to pay to Chalco Trading Hong Kong Company. Also, it has run operations without accidents, adhering to environmental and labor safety procedures. Therefore, the company’s 2016 activities were considered satisfactory and the meeting appreciated the debt paid out by March 31.  

The shareholders and the BoD assigned the company authorities to improve company governance and to make the company’s shares valuable by working with profit. Moreover, the attendees criticized independent members of BoD P.Ulziinaran, E.Ganbaatar and Kh.Bolor-Erdene that they were not working actively for protecting the shareholders' rights and interests.