The board of directors of Erdenet Mining Corporation (EMC) has resumed its operations after the decision by the Supreme Court to overturn a move by Parliament to nationalize Mongolian Copper Corporation’s 49 percent stake in the majority state owned copper mine.
On January 3, the board reportedly convened and discussed the company’s 2017 report and the company’s plan in 2018. Members of the board representing the government and MCC have said that the cooperation of the board shows that the private-public cooperation can lead to good governance.
Representing the government’s 51 percent stake on the board is U.Byambasuren, G.Nandinjargal, B.Dorjsembed, and D.Demberel. Representing MCC’s 49 percent stake is former Member of Parliament Da.Ganbold, CEO of Trade and Development Bank O.Orkhon, and Chairman of Mongolian Copper CorporationM.Munkhbaatar.
Due to the dispute of ownership of EMC, the board had not been able to convene.
After MMC became a minority owner of EMC, the copper company claims their operations improved and become more open and transparent. In 2016, EMC conducted only one open bid. In 2017, that number rose to almost 500 open bids. According to MMC, 15.1 billion MNT was conserved by tidying up the purchase of goods used by EMC.