Parliament passes resolution to take back 49% share of Erdenet mine from private hands

On its last spring session before going to recess, State Great Khural passed resolution to take back 49% shares of the Erdenet mine from  Mongolian private company “Mongolian copper consortium”.

President Elbegdorj pleaded the lawmakers to consider best interest of country and said this will isolate Mongolia more and more from outside world and investors and ruin the reputation of country.

80.3% of the lawmakers present during the session voted “yes” approving the resolution. All MPP lawmakers voted for the resolution while all lawmakers from opposition Democratic Party except Mr.Batzandan disapproved the resolution.

Now, Mongolian government have to negotiate with the Mongolian Copper Corp on terms of share transfer.