In order to enhance growth and increase foreign investment, Mongolia intends to sell stakes in 10 state-owned enterprises over the next two years. This includes selling Mongolia’s largest coal mine.
According to CEO of the bourse, Angar Davaasuren, the government intends to offload holdings in power plants and other businesses, including a stake in the Tavan Tolgoi coal mine (worth US$ 4 billion).
Economic growth in Mongolia was 7.8% in 2014, among weak commodity prices and high-profile dispute with foreign investors. In an interview with Bloomberg, Prime Minister Chimed Saikhanbileg, “We are seeing the next year with much more optimism” after growth slows to 5.3% in 2015.
Sharyn Gol has completed commissioning of its new coal wash plant in Sharyn Gol city, Darkhan province, Mongolia and its agreement for transporting the washed coal to South Korea.
Following the agreement between Rio Tinto and the Mongolian government over the Oyu Tolgoi mining project, the country’s mining sector is well placed to expand in coming years.