Ulaanbaatar
Special regime at EMC and Mongolrostsvetmet extended
Economy
Ulaanbaatar /MONTSAME/ On September 13, 2019, an emergency
regime, set at Erdenet Mining Corporation and Mongolrostsvetmet LLC, by the
Cabinet on March 6 of the same year, was extended by six months.
Despite the fact that the two state-owned enterprises are
currently operating normally and earning profits, complete transfer of 49
percent shares of the two is underway. Moreover, today’s decision was made for the reason that the issue regarding an agreement that does not favor the interests
of Erdenet Mining Corporation has yet to be resolved.
As a state owned enterprise, Erdenet Mining Corporation has
overfulfilled its 2019 goals, earning all-time highest net profit of MNT 516.8
billion and contributing MNT 961.7 billion to the local budget. The daily
operation of the enterprises stabilized in addition to the improvement of
workplace accountability. Therefore, the Cabinet commended the efforts of the
two state owned enterprises and other relevant bodies.
