"ERDENES TT" LLC NEEDS ADDITIONAL INVESTMENT

Ulaanbaatar /MONTSAME/ The "Erdenes Tavan tolgoi" LLC urgently needs additional USD 200 million in order to normalize its activity and to grant people dividends from 1,072 shares distributed by the government of Mongolia. It said Ya.Batsuuri, an Executive Director of the "Erdenes Tavan tolgoi" LLC during introducing an implementation of works following the #39 parliamentary resolution of 2010 at a meeting of the parliamentary Standing committee on economy Wednesday. Mr Batsuuri said their LLC is facing financial problem and needs the additional money in order to complete the project launched in the east and west blocks of Tavan tolgoi site in Omnogobi aimag. Before this, the “Erdenes TT” LLC was financed USD 350 million in the form of advanced payment under an agreement established with the Chalco, the Aluminum Corporation of China, later it received additional USD 131 million from the Golomt commercial bank of Mongolia and another USD 100 million from the Development Bank of Mongolia, totaling USD 581 million. According to Batsuuri, only USD 270 million have been utilized for the company's activities from the total 581 million, the remaining USD 311 million were invested to people, accounting into the Human Development Fund (HDF). B.Khuder