3,376.11
Today’s meeting of the Standing Committee on the Economy to discuss
the review made by a working group on the resolution on Tavantolgoi exploration
to be debated by Parliament
could not reach a decision as DP members said they would not take part.
The review has made a few suggestions. First, a state-owned company called
Erdenes-Tavantolgoi should be set up and the license for the deposit
transferred to it. This new ahould also be the one to sign the investment
agreement and work with the operator company. Second, 50 percent shares
of Tavantolgoi will be owned by Mongolian citizens and companies, and
funds will be raised at local and foreign stock exchanges step by step. Of this 50
percent, 20 percent (or 10 percent of the total) will go to individual
citizens as equal and free shares, while another 20 percent (or 10
percent of the total) will be sold to local companies at a reserved price and
remaining 60 percent (or 30 percent of the total) will be freely sold through
local and foreign stock exchanges at market rates.
The draft agreement should be revised to incorporate the above suggestions and
debated at the Autumn session.
the review made by a working group on the resolution on Tavantolgoi exploration
to be debated by Parliament
could not reach a decision as DP members said they would not take part.
The review has made a few suggestions. First, a state-owned company called
Erdenes-Tavantolgoi should be set up and the license for the deposit
transferred to it. This new ahould also be the one to sign the investment
agreement and work with the operator company. Second, 50 percent shares
of Tavantolgoi will be owned by Mongolian citizens and companies, and
funds will be raised at local and foreign stock exchanges step by step. Of this 50
percent, 20 percent (or 10 percent of the total) will go to individual
citizens as equal and free shares, while another 20 percent (or 10
percent of the total) will be sold to local companies at a reserved price and
remaining 60 percent (or 30 percent of the total) will be freely sold through
local and foreign stock exchanges at market rates.
The draft agreement should be revised to incorporate the above suggestions and
debated at the Autumn session.
