1.5 million people request cash instead of shares of Erdenes Tavantolgoi

Ulaanbaatar /MONTSAME/ Under a Government program to allocate national incomes earned from minerals operations, one million people want to own shares of the state-owned Erdenes Tavantolgoi mine company, while 1.5 million request to be granted cash instead, says a center aiming at rights protection of shareholders and investors. The Government has earlier offered 1,072 shares of Erdenes Tavantolgoi to every Mongolian citizen, in pursuant with action plans of today’s ruling authorities. However, some wanted to be given cash instead, and 300 thousand senior citizens and disabled people have thus far received 300 thousand togrog each as their shares in national incomes collected from mining activities in the nation. Those who want to be given cash instead of the shares will be able to receive the money once shares of Erdenes Tavantolgoi get issued to international markets. “However, the value of the currency (cash money) is expected to be lower than that of today’s, so we urge people to get the shares. We are ready to assist them with needed information and advice,” says A.Altanshagai, a head of the center of rights protection of shareholders and investors.