ID :
362000
Wed, 04/01/2015 - 15:45
Auther :

"Erdenet" is still largest despite amount of mineral extraction

Ulaanbaatar /MONTSAME/ Mongolia produced 254 thousand tons of copper in 2014, it accounted for 25.8% of total copper production in Asia and 1.36% worldwide. The copper productions in Mongolia are being provided by the "Erdenet" Mining Corporation and the Oyu Tolgoi LLC. Regarding a social-economic importance of the both companies, the OT LLC processed 33.9 million tons of ore, the "Erdenet" MC--26 million tons. Furthermore, the OT LLC processed 692.3 thousand tons of copper concentrate, whereas the "Erdenet" MC--516.8 thousand tons. The copper content of ore extracted from OT was 25.3%, from “Erdenet” MC--23%. According to the 2014 report, the OT LLC processed 175.6 thousand tons of copper, while the “Erdenet” MC--137.5 thousand tons. In terms of revenue for the state budget, the OT LLC placed MNT 462.4 billion, the “Erdenet” MC--about MNT 450 billion. Despite these figures, “Erdenet” MC has been the national tax payment leader for 12 consecutive years, the OT LLC has been listed in first five top enterprises since 2010. It means that, although OT LLC processed last year larger amount of gold, silver, molybdenum and copper ore than “Erdenet” MC did, the latter is still the biggest taxpayer in Mongolia. Some facts show that the OT mineral deposit is seven-time larger than the “Erdenet” MC’s deposit, and 45-time bigger than the “Boroo” deposit, but these deposits are not giving benefits to the Mongolia’s economy as the “Erdenet” MC. Some 51% of the authorized capital of the “Erdenet” MC is owned by the government of Mongolia, the rest--by Russia’s full state-run “Rostekhnologii” Corporation.

X