September 25, 2013
The Minister of Mining D.Gankhuyag Tuesday received a delegation led by Mr Xiong Weiping, the president of the Aluminum Corporation of China Limited (Chalco) in Ulaanbaatar.
The Minister thanked the Chalco for “successfully cooperating with Mongolia in a main sector of the bilateral economic relations and for making an amendment in the bilateral contract in a beneficial for the “Erdenes Tavantolgoi” company way.”
The “Erdenes Tavantolgoi” holds shares of the Mongolians, so Mongolia is increasing its value by constructing infrastructure, railways and power stations including, he said. He added that the “Erdenes Tavantolgoi” intends to pay off a debt of 170 million UDS to the Chalco within this year in accordance with the coal supply contract.
Mr Xiong said about 70 percent of the Chalco’s shares are owned by China’s government and that “the company with its 70 billion USD is one of the largest companies in the world at the market of non-ferrous metals”.
The Mining Minister said the coal supplied is of high quality, and expressed a hope that the China’s company will buy the product at a price of international market. He considers as necessity to transfer the contract into an off-take treaty in order to make it more transparent and understandable.