Mining Minister of Mongolia talks with president of Chalco

At the meeting the Minister of Mining D.Gankhuyag expressed approval for the successful bilateral cooperation on economy between Mongolia and China and the efficient changes made into the coal agreement between Chalco and Erdenes Tavan Tolgoi LLC.

The Minister of Mining also said that “Erdenes Tavan Tolgoi LLC is held by the Mongolian people. We are trying to increase the value of the business by developing a railroad and power station.”

The Minister of Mining also stressed that “Erdenes Tavan Tolgoi will pay back the remaining 170 $ million it owes the Aluminium Corporation. Erdenes Tavan Tolgoi, the state owned company received an advance payment (loan) of 350 million USD from Chalco in July 2011, to be paid back in coal.

The President of Chalco, Xiong Weiping, emphasized that the Chinese Government holds 70 percent of the multinational Aluminium Corporation that cooperates in the extraction of aluminium oxide, the electrolyzation of virgin aluminium and the processing and production of aluminium. It has total assets of 70 billion US dollars.

The Minister of Mining, D.Gankhuyag said that “We will ensure the supply of high quality coal. We hope you will offer the international market price for our commodity products. It is significant to improve the agreement making it clear and transparent and to meet international standards in the agreement.”