The Mongolian Cabinet ordered Ministries to resolve the controversial issue of the 49 percent of the Erdenet Mining Corporation (EMC) being transferred to government ownership. Furthermore, the Cabinet decided that every Mongolian citizen should have ownership in shares of this important copper plant.

Head of the Cabinet Secretariat J.Munkhbat said, “The objective reflected in the 2016-2020 Cabinet action plan  regarding the distribution of shares of strategic resources to the Mongolian people is being officially implemented”.

He continued, “Although Parliament issued  Resolution No. 23 on taking full ownership of EMC, the owner of the 49 percent filed a lawsuit.  A court decision was made against the government decision. Subsequently, Parliamentary Speaker M.Enkhbold instructed Cabinet to carry out Parliament Resolution No. 23. As such, we solved the issue with the decision to distribute the shares of EMC to every citizen”.

The Erdenet Mining Corporation, the nation’s main economic breadwinner, is now 100% under Mongolia’s ownership; previously 49% of the company belonged to Russia under a relationship going back to Soviet times. This Russian share, belonging to the ‘Rostech Corporation’ was transferred to the “Mongolian Copper” Company. EMC, therefore, now is 100% Mongolian owned.