Source: AFP                   Date: 14 September, 2011

Prime Minister S. Batbold is committed to listing Erdenes Tavan Tolgoi on the London, Hong Kong and Ulaanbaatar exchanges, said head of Golomt Bank John Finigan at Discover Mongolia. The site will need a large sum of funds to develop the enormous coal deposit.

"I had a conversation with the prime minister about this matter and there was a very strong commitment to achieve the goals of listing ETT on the current timetable (first quarter of 2012)," said Finigan.

Work has already begun on the IPO, said President of the Mongolian Stock Exchange (MSE) Bill Gorman. However, Gorman noted that approval by parliament is needed on a new Securities Law before further actions can be made.

The government hopes listing the stocks on all three markets will generate enough capital to develop the mine. It is estimated that Tavan Tolgoi contains 6.4 billion tons of coal. The majority of those reserves is coking coal, which can be used for steel production.