INDIA, JAPAN, SOUTH KOREA AND GERMANY HAVE REQUESTED TO BUY A COAL FROM TAVAN TOLGOI, SAID MINISTER N.BATBAYAR
February 7 (InfoMongolia.com) Minister for Economic Development of Mongolia Nyamjav BATBAYAR delivered an official statement regarding "The tasks of economic reforms of Mongolia" in the Citizen Hall under the President's Office on February 06, 2013.
In his statement Minister N.Batbayar noted, “The state’s biggest decision to accelerate the current economic progress is issuing the Chinggis Bond, which was an affair to raise money from international stock market with law interests. The capital sourced from the Bond will be allocated to finance big projects on infrastructure, besides to stabilize local economy, particularly by the year of 2015 all centers of all aimags (21 aimags of Mongolia) will be connected with paved roads to the capital city, Ulaanbaatar. Meantime, 1,800 km of railroads will be constructed and at the first stage a railroad from Tavan Tolgoi site will be connected to the border line with China starting within this year.
The next big investment is to release a debt of the ‘Erdenes Tavan Tolgoi’ JSC, where the Agreement with Chalco was made unprofitable, we are pledging to re-negotiate and establish a new agreement with other potential buyers, for instance India, Japan, South Korea and Germany have requested to buy a coal from Tavan Tolgoi. The talks are under negotiation.
Within this year, a new power plant to construct will be staring based on three mines of Tavan Tolgoi, Shivee Ovoo and Baganuur, the plant’s finance will be also sourced from the Government ‘Chinggis’ Bond, moreover country’s first oil refinery plant will be starting to build.
The Bond’s distribution will be also shared to Capital city’s improvement, for instance in Ulaanbaatar three big projects are planned to be implemented - urban planning in center of the city and its surrounding named Ger districts, and the third one is to construct a new highway”.
Consequently, Minister N.Batbayar emphasized that any the Bond’s capital is not spent yet to finance any of these projects and the Government of Mongolia is not paying any money for interests under the management arranged by the Central Bank of Mongolia.
In his statement Minister N.Batbayar noted, “The state’s biggest decision to accelerate the current economic progress is issuing the Chinggis Bond, which was an affair to raise money from international stock market with law interests. The capital sourced from the Bond will be allocated to finance big projects on infrastructure, besides to stabilize local economy, particularly by the year of 2015 all centers of all aimags (21 aimags of Mongolia) will be connected with paved roads to the capital city, Ulaanbaatar. Meantime, 1,800 km of railroads will be constructed and at the first stage a railroad from Tavan Tolgoi site will be connected to the border line with China starting within this year.
The next big investment is to release a debt of the ‘Erdenes Tavan Tolgoi’ JSC, where the Agreement with Chalco was made unprofitable, we are pledging to re-negotiate and establish a new agreement with other potential buyers, for instance India, Japan, South Korea and Germany have requested to buy a coal from Tavan Tolgoi. The talks are under negotiation.
Within this year, a new power plant to construct will be staring based on three mines of Tavan Tolgoi, Shivee Ovoo and Baganuur, the plant’s finance will be also sourced from the Government ‘Chinggis’ Bond, moreover country’s first oil refinery plant will be starting to build.
The Bond’s distribution will be also shared to Capital city’s improvement, for instance in Ulaanbaatar three big projects are planned to be implemented - urban planning in center of the city and its surrounding named Ger districts, and the third one is to construct a new highway”.
Consequently, Minister N.Batbayar emphasized that any the Bond’s capital is not spent yet to finance any of these projects and the Government of Mongolia is not paying any money for interests under the management arranged by the Central Bank of Mongolia.
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