The Cabinet (2022.11.30) discussed the issues related to Erdenes Mongol LLC and made the following decisions1. In May 2022, the government decided to expand the activities of Erdenes Mongol LLC as part of the preparations for establishing the National Wealth Fund. The Cabinet made additional changes to the company's rule today, increasing the scale of its operations, including carrying out big projects, raising IPO, and organizing activities of affiliated mining companies in a unified way.
2. The Cabinet changed the rules of the state-owned enterprise Erdenet corporation and Mongolrostsvetmet. According to the changes, Erdenes Mongol LLC will organize activities such as improving the development policy and business planning, optimizing the structure, and increasing the efficiency of these companies.
3. The Cabinet decided that Darkhan Metallurgical Plant operates under the jurisdiction of Erdenes Mongol LLC to advance the project of building the metallurgical complex.
4. The Cabinet has decided to stop the operation of Zuungbayan Railway LLC on December 31, 2022, and merge it into the Mongolian Railway state-owned enterprise. The government believes the measure will eliminate the duplication of functions of state-owned companies and provide unified management of railway transportation activities. With the approval of the decision, Mongolia will save 5.6 billion MNT planned for the operating expenses of Zuubayan Railway LLC following the Law on State Austerity.
5. The Mongolian Railways state-owned company will exercise the rights of shareholders of Tavantolgoi Railway company following the Cabinet decision. Erdenes Tavan Tolgoi JSC will continue to finance the funds required to complete the construction of the Tavantolgoi-Gashuunsukhait railway. The Mongolian Railway state-owned company will provide professional management and organization to increase the operation, safety, and efficiency of the Tavantolgoi-Gashuunsukhait railway.
