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Russia's Polimetal lost ownership of Mongolia's Asgat silver deposit. PDF Print E-mail
Thursday, 18 January 2007

Russian daily newspaper Kommersant published an article about Asgat silver deposit deal. Here is the translation.

Regarding visit of the Mongolian President to Russia, the Directors General of joint Mongolian-Russian ''Mongolrostsvetmet'' factory and the “Polimetal” have signed documents to found a joint industry by holding the Asgat silver deposit. But according to the Mongolian authorities agreement was illegal.
It was informed to Polimetal to cancel ownership last week. According to the Montsame news agency Deputy Premier M.Enkhsaikhan, Minister of Industry and Commerce B.Jargalsaikhan, Chief of the Cabinet Secretariat of Government Su.Batbold stated in the press conference that rule of the ownership was illegal.

Mongolrostsvetmet is 51% state owned company, but did not consulted with government before signing joint industry establishment which is holding Asgat silver deposit. That’s why State Property Committee ordered to cancel it. Asgat silver deposit is located in north western part of the Mongolia. Discovery made 1996 explored 3000 tones of resources. If it did not canceled Polimetal would have made its first project in foreign country. We could not get explanation from Polimetal. From the Mongolian politicians point of view such condition aroused because of misunderstanding of Mongolian politicians with each other. Mongolian president wish to develop bilateral relationship between two countries. But government members have opposite position. Some source say that Deputy Premier of Mongolia M.Enkhsaikhan played an important role in this matter. 

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