Erdenes MGL LLC, (Erdenes MGL) a government-owned mining company is to be restructured as a corporation. The company currently represents the Mongolian Government’s interests in strategic mineral deposits, prospecting, exploration, and mining licenses. It also conducts operations and makes reserve assessments for strategic mineral deposits with state budget-funded prospecting and exploration. Further, it holds government-owned shares of corporate entities that conduct mining operations in the above mineral deposits.

“Erdenes MGL” is planned to be developed using Singapore corporation standards. It is planned that the Board of the corporation will be comprised of 30 percent foreign experts, 30 percent native Mongolian leading managers and 30 percent former senior government officials.

O.Sainbuyan, the CEO of Erdenes MGL, commented on the restructure saying the company intends to take steps to move onto the stock market in order to improve its activity as a corporation and to support its subsidiary company’s finances.

O.Sainbuyan added that the company is not in a hurry to move onto the stock market until the legal environment has been improved and internal and external factors are improved. As currently economic growth is slow, mining production prices are weaker in the world market. However, the company does plan to put several mineral deposits into production this year.