Mongolian government to buy-back shares of Erdenet mine

One of leading mongolian news portals, www.eagle.mn reported Thursday Government decided to buy-back shares of the Erdenet copper mine from its private shareholders.

Last June,during the rule of now-opposition, then-ruling Democratic Party,  49% stake of the mine was sold by Russian state-owned Rostec to private corporation " Mongolian Copper" tied with mysterious owners of  Trade and Development bank of Mongolia, one of the largest commercial  banks for whipping $400 million dollars, large sum for cash-strapped country.This transaction came under fire mainly from the side of now-ruling Mongolian People's Party or MPP for lack of transparency and gross breach of preferential right of Mongolian state.

Eagle report said Enkhbold Miyegombo, chairman of the MPP and speaker of the parliament participated in MPP ruling council meeting held on Tuesday and Cabinet meeting held on Wednesday and finalized decision to buy-back of 49% stake of the mine for state.

More information is to be released soon......