ERDENES TAVAN TOLGOI ANNOUNCES COMPLETE REPAYMENT OF DEBT TO CHALCO
The USD 350 million debt of ErdenesTavan Tolgoi JSC owed to Aluminum Corporation of China Limited (CHALCO) was repaid completely. At the open auction, TavanTolgoi’s coal was sold at USD 72.5 per ton. Erdenes TT expects to mine 11.5 million tons of coal and make revenue of USD 550 million. The company extracted 2.8 million tons and exported 2.2 million tons of coal so far in 2017. The Prime Minister has given an obligation to repay debts and distribute payables to the citizens for respective 1,072 shares of Erdenes TT. In case the coal price will be stable for a longer period, the distribution is deemed possible to be launched within this year. Also, Erdenes TT leaders intend to adopt adequate quality management to raise investment from international sources.
