Erdenes Tavan Tolgoi ceo quits
B. Enebish, ceo of Mongolian state-owned coal miner Erdenes Tavan Tolgoi (ETT), has resigned for “personal reasons” and Ya. Batsuuri has been appointed as new ceo.
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Ya. Batsuuri was a former member of the parliament during 2008 to 2012 and was a director at the ministry of foreign affairs during 2002 to 2004.
ETT chief operating officer Graeme Hancock told Steel First that the company operations would not be affected.
“We are to continue with progression of the company for IPO. This is not according to any political timetable but based on the market and when it makes sense to do so,” he said on Friday October 12.
ETT is expected to list in Ulaanbaatar, Hong Kong and London in the first half of next year.
Earlier this week, ETT invited Peabody Group to discuss potential cooperation as a mining contractor to develop the West Tsankhi block of Tavan Tolgoi coal complex.
Hancock said this is a temporarily measure until a consortium of foreign investors is in place to develop the West Tsankhi.
“Clearly if Peabody is a member of that consortium, which we anticipate they will be, that means they have a head start in terms of getting West Tsankhi into operation. That’s really the objective.” he said.
It is still unclear when the government decision on the foreign investors will be made, he added, but the government appeared to have “commitment to get this thing done and sorted out before too long”.