Yesterday (10 January), the Mongolian Cabinet decided to transform the Erdenet Mining Corporation (EMC) into a shareholding company and offered the pubic share ownership of the plant. Prior to the public offering, an audit agency will work at EMC in order to establish the price of the shares.

The government held an unplanned meeting on 4 January, and announced that Erdenet Mining Corporation (EMC) has become 100 percent government-owned now, following its take-over of the  49 per cent balance of the company.

One of the most important enterprises in the country, EMC was established in 1974 as a Mongolian-Soviet joint venture, later becoming a  Mongolian-Russian venture. In 2016, it was announced that Russian state-owned Rostec would be selling off its 49 percent stake in Erdenet for USD 450 million to MCC