Moreover five mining special licenses near the “Erdenet” Mining Corporation were transferred into the Erdenes MGL LLC. So it will help to expand the life of Mongolian-Russian joint venture “Erdenet” Mining Corporation 25 to 30 years say officials.
Director General of Department for Coordination of Policy Implementation at Ministry of Mining, B.Batkhuu says that parties also agreed to transfer mining special licenses near Baganuur and Shivee-Ovoo to the “Erdenes MGL” LLC at the regular meeting of Intergovernmental commission between Mongolia and Russia too.
State owned “Erdenes MGL” LLC was established to represent state interest in strategic and state funded deposits according to Cabinet Resolution No.266 “To establish state holding company for the purpose of holding special permission to explore and develop strategic and state funded deposits, make reserve evaluation and manage the mineral assets owned by state in order to own state stakes of strategic deposits” and State Property Committee Resolution No.52 from February 22, 2007.
