“Erdenes MGL” CEO replaced

The Board of Directors of State owned “Erdenes MGL” company replaced the CEO Ya.Dolgorjav during an irregular meeting on November 26th. The Erdenes MGL Board of Directors appointed the Executive Director of Teso Trade LLC, O.Sainbuyan as the new CEO of Erdenes MGL. O.Sainbuyan had been appointed as an acting CEO after Ya. Dolgorjav vacated his post last week. However, the Government discussed the appointment and reached a decision to appoint him as CEO of Erdenes MGL earlier this week. The Board of Directors accepted the Government`s decision on November 26th.

State owned Erdenes MGL was established in order to own state stakes of strategic deposits. Erdenes MGL currently owns 100 percent of Tavantolgoi, 34 percent of Oyutolgoi, 100 percent of “Erdenes Oyutolgoi” and three mining license of “Shivee Ovoo”.

Ya.Dolgorjav was appointed as the CEO of Erdenes MGL last February. The newly appointed O.Sainbuyan is from Uvs Aimag. It was widely believed that he would be elected as MP in Uvs Aimag in the last parliamentary election last June.