"ERDENES OYUTOLGOI" COMPANY SET UP

Ulaanbaatar, Mongolia /MONTSAME/ The cabinet made on Tuesday a decision to found the "Erdenes Oyutolgoi" state-owned LLC as an associate company of the "Erdenes MGL" company. The company's main responsibility is to implement ownership of state stocks of the "Oyu tolgoi" company that possesses the exploitation license of OT strategically-important deposit. The State Property Committee (SPC) has been obliged to allot money from the "Erdenes MGL" to raise the capital of the "Erdenes Oyutolgoi" and to approve its rules. Generally, an associated companies of the "Erdenes MGL" will be set up for each strategically important deposit. The first became the "Erdenes Tavan tolgoi". B.Khuder