The Mongolian Government commences debt payments to MCC
Published by Will Owen,
Global Mining Review,
The Mongolian Copper Corp. (MCC) has received a payment of US$153.5 million from the Mongolian Government for the Erdenet and Monros mines.
The payment stems from a longstanding dispute surrounding the 49% ownership of the Erdenet and Monros mines, which MCC purchased from Rostec in 2016.
MCC has welcomed the Government’s commitment to pay what is owed to MCC following lengthy negotiations and legal proceedings before the Mongolian courts. The move honours Parliament’s resolution and the decision of the Constitutional Court, which concluded that MCC must be compensated for the amount it paid for the shareholding in the mines.
Today marks another positive step in the Government’s plan to compensate MCC and follows an initial payment of US$53.1 million in June 2022.
MCC continues to work diligently and amicably with the Government to settle the outstanding balance by the end of the year.
Receipt of the payments will aid MCC’s future investment plans, which aim to look beyond Mongolia to other markets.
Tsooj Purevtuvshin, CEO of Mongolian Copper Corp., comments:
“We are pleased to receive today’s payment and welcome the Government honouring its responsibility to bring this chapter to a close. With half of the compensation now paid, this is positive progress.
“We will continue to partner with the Prime Minister’s working group, chaired by the Minister of Finance, to ensure that the outstanding amount is delivered in a timely way and that MCC receives what it is owed.
“Our priority remains to foster further investments and look to new markets while continuing to contribute to the Mongolian economy.”
Read the article online at: https://www.globalminingreview.com/mining/01092022/the-mongolian-government-commences-debt-payments-to-mcc/
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