ULAANBAATAR, Mongolia--(BUSINESS WIRE)--The Annual General Meeting of Erdenes Tavantolgoi JSC, one of the largest mining companies in Mongolia, was held on April 22, 2022, at the Tsankhi Town camp in Tsogttsetsii soum, Umnugovi province. In line with the ETT's transparency efforts, the meeting was streamed live to the public and received live feedback via the “1072” hotline and the company's official social media channels.
The meeting reviewed Erdenes Tavantolgoi JSC's Operational and Financial report for 2021, implementation of the "A6-20" Business Plan, and the pressing issues of delivering the medium-term business plan and long-term strategy.
Erdenes Tavantolgoi's coal exports fell sharply due to the border closure caused by the global pandemic. However, due to the timely execution of the risk management plan, Erdenes Tavantolgoi JSC concluded 2021 with sales of $385 mil (1.1 trillion MNT,) contributing $147 mil (420.6 billion MNT) in taxes and a total net profit of $38.5 mil (110.7 billion MNT.)
The Tavantolgoi-Zuunbayan and Tavantolgoi-Gashuunsukhait railway projects are set to be completed in the summer of 2022, which will provide ETT with direct access to markets in China and beyond. Further development of the "A6-20" Business Plan expedites infrastructure and development projects to enforce the business plan for 2021-2025, producing value-added products and improving competitiveness in the international coal market.
Prior to the shareholders' meeting, ETT organized a Job Fair, which provided more than 2,000 locals the opportunity to fill out job applications as part of the company's target to create at least 21,000 jobs for the local community by 2025.
Erdenes Tavan Tolgoi (ETT) is a Mongolian state-owned joint-stock company that operates the East Tsankhi section of the Tavan Tolgoi deposit. It is located near Mongolia’s southern border with China and has estimated reserves of more than 7 billion tonnes of coal, more than one-third of which is high-grade hard coking coal. The company is unique in that some 3 billion of its shares are owned by over 2.5 million Mongolian citizens.