Mining Minister to sign investment agreement for “Tsagaan Suvarga Concentrator” project

Ulaanbaatar /MONTSAME/ At the regular meeting of Monday, the cabinet approved a draft agreement on the investment for Tsagaan Suvarga copper-molybdenum concentrator project, and gave permission to the Minister of Mining R.Jigjid to sign the agreement. In accordance with the Law on Investment, the Mongolyn Alt Corporation (MAK) had submitted a proposal of an investment agreement with the Government of Mongolia. A project on building a solvent-extraction plant to produce copper molybdenum concentrate, based on Tsagaan Suvarga deposit in Mandakh soum of Dornogovi aimag, has been underway since 2001. According to the draft agreement, the project is to be managed from this point on by MAK’s subsidiary company “Erdenes Tsagaan Suvarga”. At a maximum operation, Tsagaan Suvarga Plant has an annual capacity of 14.6 million tonnes of ore processing and 310 thousand tons of copper and 4,000 tons of molybdenum concentrate production. With the implementation, a total of 3.3 trillion Togrog, annually 185 billion, is expected to be accumulated to the State Budget from the project. The project is to create 1,000 jobs.