During its regular meeting on April 15, Cabinet decided to further extend the emergency regime at Erdenet Mining Corporation and Mongolrostsvetmet by another six months.

The special regime lasted from March 21, 2019 to March 13, 2020.

Despite the fact that the two state-owned enterprises are currently operating normally and earning profits, the complete transfer of 49 percent shares of the two companies are underway. Moreover, the decision to extend the special regime was made in relation to agreements which “do not favor the interests” of Erdenet Mining Corporation.

As a state owned enterprise, Erdenet Mining Corporation has exceeded its 2019 goals, earning an all-time highest net profit of 516.8 billion MNT and contributing 961.7 billion MNT to the local budget. The daily operation of the enterprises stabilized during the special regime, and the company has had improvement in its workplace accountability, according to government officials. Cabinet commended the efforts of the two state owned enterprises and other relevant bodies in rectifying errors in the companies’ operations and finances.