In June, the Mongolian Cabinet decided to sell up to 30 percent of the ‘Erdenes Tavan Tolgoi Company on domestic and international stock markets. On Wednesday (3 October), cabinet discussed over 30 issues including launching the IPO launching of ETT.
Cabinet has approved the plan submitted by the Mining and Heavy Industries Minister to launch the ETT IPO on the Hong Kong and New York stock markets.
Tavan Tolgoi, located in the Gobi desert about 250 kilometres (155 miles) from the Chinese border, has an estimated 6.4 billion tonnes of reserves and is considered one of Mongolia’s seven flagship mining projects. It is run by state-owned Erdenes Tavan Tolgoi.