ANNUAL SHAREHOLDERS' MEETING OF "ERDENES-TAVANTOLGOI" JSC HELD VIRTUALLY

ANNUAL SHAREHOLDERS' MEETING OF "ERDENES-TAVANTOLGOI" JSC HELD VIRTUALLY

27 Apr 2021 07:48

“Erdenes-Tavantolgoi” JSC held its annual shareholders’ meeting virtually on April 23, 2021, at 09:00 am. In order to prevent the further spread of COVID-19, the annual shareholders meeting of “Erdenes Tavantolgoi” JSC was held virtually in accordance with the decision of the State Emergency Commission and the relevant regulations and recommendations of the Financial Regulatory Commission.

 

The meeting was broadcast live on the company's website www.ett.mn and on the “1072 Stock Information Center” Facebook page. And the meeting was attended by representatives of the Ministry of Mining and Heavy Industry and the State Property Policy and Regulation Agency, as well as independent members and company management.

The following issues were discussed and resolved at the shareholders’ meeting, such as approving the conclusion of the Board of Directors on the 2020 activity report of “Erdenes Tavan Tolgoi” JSC, introducing the decision not to distribute dividends, amendments to the company's charter and financing the projects and programs.

In 2020, “Erdenes Tavantolgoi” JSC sold 15.5 million tons of coal, fulfilled the 2020 production plan by 100 percent and the sales plan by 111 percent, with a total sales revenue of 1 trillion 677.1 billion MNT and a net profit of 149.4 billion MNT paid 490.1 billion MNT of taxes and fees. During the reporting period, the Tavan Tolgoi-Zuunbayan and Tavan Tolgoi-Gashuun Sukhait railway development projects and the investment and financing required for Tavan Tolgoi Fuel LLC to reduce Ulaanbaatar's emissions were resolved in stages.

The A6-20 Medium-Term Business Plan for the further development of the company has been developed and approved. The Government of Mongolia will intensify infrastructure and development projects aimed at increasing the value of 1,072 shares owned by citizens, producing value-added products, and improving its competitiveness in the international coal market. In order to increase the company's participation in the implementation of the “MNT 10 trillion Comprehensive Plan for Economic Recovery” implemented by the Government of Mongolia, ETT-Bond has started to invest and create financial resources to finance megaprojects.

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