PM S.Batbold: 10 percent of TT will be owned by citizens

Prime Minister S Batbold, held unofficial meeting on Saturday and discussed with the media about the works and tasks of the Government. He stated that the government had worked with great success during the space of one year and many important works are ahead of them. One of the important issues is the Tavan Tolgoi deposit and they have established Erdenes Tavan Tolgoi JSC as a daughter company of Erdenes Mgl who owns the licenses of TT. Erdenes Tavan Tolgoi is looking to release 15 billion shares. 10 percent of the shares will be distributed to all Mongolian citizens, another 10 percent will be sold to Mongolia private businesses and 30 percent of the shares will be sold in domestic and foreign stock markets. According to the pre-calculations 1.5 billion stocks will distributed to the citizens and another words 500 stock per capita.

Selling stocks on foreign stock markets means the Mongolians will be able to reach good financial resources with less interest rate. According to PM S.Batbold, this approach will benefit the Mongolian Economy in many ways but it will take minimum of 4-5 years to achieve a clear result. This epic job is also for the next Government to continue said Prime Minister S.Batbold.