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MMC was incorporated in the Cayman Islands as an exempted company with limited liability on May 18, 2010 in anticipation of the Global Offering in Hong Kong.Prior to the incorporation, the business was operated by Energy Resources LLC, a limited liability corporation organized under Mongolian law on April 22, 2005, [6] currently an indirect wholly owned subsidiary of MMC.
[5] [6] In the 2007–2008 fiscal year, MEC acquired 66,000 hectares (660 km 2) of concession areas for coal, ferrous and non-ferrous metal resources in western Mongolia. [7] Between January–February 2007, MEC entered into the acquisition of its first coal resources concessions at Khushuut and Darvi of 34,000 hectares (340 km 2) in western ...
The International Monetary Fund (IMF) has estimated that 71 percent of the income from the mine would go to Mongolia. [5] Mongolia Energy Corporation, a mining and energy company operating in Mongolia and Xinjiang and Erdenet Mining Corporation, a joint Mongolian-Russian venture, account for a large percentage of the mining in the country, but ...
[7] [8] In 2006, the government awarded Energy Resources LLC the mining license over the Ukhaa Khudag section (license MV-11952). [9] The government also amended the Minerals Law in 2006 and identified 15 strategic deposits (allowing the government greater ownership of mines), of which Tavan Tolgoi was one.
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Mongolia is a landlocked unitary sovereign state in East Asia. Economic activity in Mongolia has traditionally been based on herding and agriculture, although development of extensive mineral deposits of copper, coal, molybdenum, tin, tungsten, and gold have emerged as a driver of industrial production. [ 1 ]
Byambasaikhan was with NovaTerra LLC, an investment and project management firm based in Ulaanbaatar. In 2015-2016, he was the CEO of Erdenes Mongol, [2] Mongolia's sovereign wealth management company, where he chaired multiple mining company boards and was a board director of Oyu Tolgoi LLC, a world-class copper and gold mine managed by Rio Tinto.
The Mineral Resources Authority of Mongolia (MRAM; Mongolian: Ашигт малтмалын газрын) is an agency of the Government of Mongolia which is responsible for the mining and mineral industry of Mongolia. The mining industry accounts for 89% of Mongolia's exports and over 20% of the country's gross domestic product. [1]