First Deputy Prime Minister: Tavantolgoi agreement will be revised
The Leader of the Democratic Party and First Deputy Prime Minister, N.Altankhuyag, spoke to the media and said that the National Security Council has decided to revise the allotment of shares in the draft proposal of the Tavantolgoi agreement. An National Security Council working group is discussing the matter.
N.Altankhuyag said that the proposal does not violate the Resolution No39 of the Parliament, which says the Tavantolgoi deposit is 100 percent state property, with ten percent to be distributed directly to citizens through shares, 30 percent to be sold on international stock exchanges, and ten percent to be allocated to domestic organizations. The details of that last provision have not been finalized yet. Each citizen would receive 365 shares.
The protocol also says domestic and foreign companies can invest in certain areas of the mine. Coal is already being mined in some areas of the site, and a new power plant, road, and railroad are planned. After revising the allotment of shares in the draft proposal, the agreement will be concluded.
N.Altankhuyag said that the proposal does not violate the Resolution No39 of the Parliament, which says the Tavantolgoi deposit is 100 percent state property, with ten percent to be distributed directly to citizens through shares, 30 percent to be sold on international stock exchanges, and ten percent to be allocated to domestic organizations. The details of that last provision have not been finalized yet. Each citizen would receive 365 shares.
The protocol also says domestic and foreign companies can invest in certain areas of the mine. Coal is already being mined in some areas of the site, and a new power plant, road, and railroad are planned. After revising the allotment of shares in the draft proposal, the agreement will be concluded.
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