BC Mongolia: ERDENET COUNCIL TO DECIDE ON SMELTERS NEXT MONTH

Mr. Ch.Ganzorig, Director General of the Russian-Mongolian joint venture Erdenet Mining Corporation, has said the Executive Council of the company will take a decision next month on whether to build two smelting facilities with a total annual capacity of 60,000-70,000 tons. The blueprint for the smelters has long been ready and if the Russian side is not enthusiastic Mongolia can set them up on its own. Erdenet contributes USD40 million every month to the Mongolia Development Fund and if it does not have to pay the windfall profits tax after next year, half its annual profits will be enough to build the smelters.
Asked if Oyu Tolgoi would affect the business of Erdenet, Mr. Ganzorig said with China’s ever-increasing demand, selling copper should be no problem for either company even when both work to full capacity.
Source: Ardiin Erkh
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