Russian-Mongolian mining venture's net profit may reach $100 mln

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25/8 Tass 202

ULAN BATOR, August 25 (Itar-Tass) - Rostekhnologii expects a net
profit of Russian-Mongolian Erdenet mining corporation at 100 mln U.S.
dollars in July-December, the state corporation chief, Sergei Chemezov,
told reporters on Tuesday.
"I hope that in the second half of the year the company's net profit
will comprise around 100 mln U.S. dollars," he said.
As of January 1, Rostekhnologii owns 49 percent of Erdenet mining and
Mongolrostsvetmet gold mining companies' shares.
At the same time Chemezov did not disclose the company's exact profit
in the first six months, as no report has been made up so far.
"The implementation of the anti-crisis program has already
demonstrated concrete results - the company's profits considerably
increased, while expenditures reduced even irrespective of the critical
situation on the world market," he said.
The state corporation developed a 100-mln-dollar program for upgrading
two enterprises in 2010-2012.
Chemezov said Rostekhnologii would not participate in exploring
Mongolia's Tavan Tolgoi coal deposit and Oyu Tolgoi copper and gold field.
In reply to the question on possible exports of Mongolia's copper
concentrate to Russia, he said, "this issue is being discussed." "No
concrete decision has been taken so far."

-0-isk/kud