Source: The Mongolian Mining Journal                             Date: 17 August, 2010

Minister of Mineral Resources and Energy D.Zorigt has said that his first priority is to set up Erdenes Tavan Tolgoi and to see that it works as an internationally competitive company, belying “not unjust” popular fears that a State-owned entity will not deliver the goods. Asked how he will do this, Mr. Zorigt said, “There should be transparency in selecting the management team, and professionals with international experience should be chosen. Only then shall we have a company drawing international attention and respect for its model corporate management, efficiency, and profitability.”

The Minister said work has begun on many fronts. He does not “see much merit in deciding everything beforehand” and prefers crossing bridges only when he comes to them. “We shall certainly have a general long-term vision and goal, but once we begin, there must be freedom to improvise, to respond to situations as they emerge. Deciding everything in advance is a sure prescription to failure. Personally, I’m happy to have an open mind,” he said.

He indicated that the Tavan Tolgoi reserves will be updated and the final figure could well be higher than the presently accepted 6.4 billion tons, of which some 3 billion tons were coking coal. More exploration will be done, especially in the eastern areas of Shar Tolgoi and Bor Tolgoi, before arriving at the final figures to be incorporated in the feasibility study.