Erdenes Tavantolgoy
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Native name | Эрдэнэс Тавантолгой ХК (ЭТТ ХК) |
|---|---|
| Company type | State-owned JSC |
| Industry | Mining |
| Founded | December 23, 2010 |
| Founder | Government of Mongolia |
| Headquarters | , |
| Products | Coal |
| Website | ett |
Erdenes Tavantolgoi JSC (abbreviated ETT JSC or ETT) is a Mongolian state-owned joint-stock company that operates in the Tavan Tolgoi mine in Ömnögovi Province. It is the largest coal exporter and government enterprise in Mongolia.
History
Founding
On 27 August 2010, the "Erdenes-Tavantolgoi" project was launched, with soil-cutting work officially beginning. Subsequently, the "Erdenes Tavantolgoi" Joint-Stock Company was established on 23 December 2010 by Resolution No. 39 of the State Great Khural and Resolution No. 272 of the Government of Mongolia.[1] Under the respective decisions, ETT JSC was tasked with utilizing the coal-rich Tavan Tolgoi deposit and conducting mining operations in accordance with the Law on Minerals.[2]
According to Resolution No. 39 of 2010, up to 20 percent of ETT JSC's shares may be publicly traded; this limit was raised to 30 percent for both domestic and international stock exchanges by Resolution No. 73 of 2018.[5]
In 2019, ETT JSC had a total of 822 employees, all of whom were Mongolians. 62 percent of the employees had higher education, 27 percent were residents of Ömnögovi province, and 12 percent were residents of Tsogttsetsii sum.[2]
In 2026, Erdenes Tavantolgoi launched a targeted development of the Borteeg coking coal block, a central section of the Tavan Tolgoi deposit, inviting international investors through a request for expressions of interest. This block-by-block approach reflects a strategic shift from earlier attempts to sell or partially privatize the entire Tavan Tolgoi complex, aiming to minimize political and operational risk while monetizing the 424 million ton coal reserve. The Borteeg initiative could generate over $1 billion in export revenue if successfully developed, setting a potential template for unlocking other parts of Tavan Tolgoi[6].
Coal Theft Scandal
In December 2022, mass protests broke out in response to a corruption scandal involving a theft of $12.9 billion worth of coal by government officials to China.[7][8] The protests led to the formation of a parliamentary working group, a public hearing on 21 December 2022, the arrest of multiple businessmen and politicians, including former ETT CEO Battulgyn Gankhuyag, and a special state regime over ETT JSC.[9]
In 2024, a coal enrichment plant was put into operation. Its first product, 12.8 thousand tons of enriched coking coal, was sold and exported via electronic trading on the Mongolian Stock Exchange in October 2024.[10]
The Government of Mongolia has on multiple occasions instructed relevant bodies to expedite the transformation of Erdenes Tavantolgoi into a public joint-stock company. In November 2025, an independent auditing firm conducted an audit of the company as part of the phased preparations for public listing on the stock exchange.[5]
| Year | Coal mined
(tons) |
Sales
(tons) |
Profit
(USD) |
Tax payment
(MNT) |
|---|---|---|---|---|
| 2014 | 4,500,000 | 5,700,000 | 202,000,000 | 63,000,000,000 |
| 2015 | 3,800,000 | 4,100,000 | 122,000,000 | 48,000,000,000 |
| 2016 | 7,700,000 | 7,500,000 | 211,000,000 | 72,000,000,000 |
| 2017 | 10,100,000 | 8,500,000 | 486,000,000 | 236,000,000,000 |
| 2018 | 11,100,000 | 13,100,000 | 802,000,000 | 479,000,000,000 |
| 2019 | 16,200,000 | 15,500,000 | 1,000,000,000 | 736,000,000,000 |
| 2020 | 13,100,000 | 11,900,000 | 592,000,000 | 490,000,000,000 |
| 2021 | 8,600,000 | 6,300,000 | 396,000,000 | 421,000,000,000 |
| 2022 | 11,300,000 | 11,500,000 | 1,110,000,000 | 1,017,000,000,000 |
| 2023 | 19,400,000 | 29,500,000 | 2,437,000,000 | 2,800,000,000,000 |
| 2024 | 30,400,000 | 29,600,000 | 3,000,000,000 | 3,500,000,000,000 |
| Source: Ikon.mn, ETT 2024 | ||||
See also
External links
- Official website (in Mongolian)
- Official Facebook
References
- ^ "Компанийн түүх". Erdenes Tavantolgoi JSC (in Mongolian). 2024-04-29. Retrieved 2025-12-16.
- ^ a b "History". Erdenes Tavantolgoi JSC. 2019-08-07. Retrieved 2025-12-16.
- ^ "Company Overview". Erdenes Mongol LLC. Retrieved 2025-12-16.
- ^ "МОНГОЛ УЛСЫН 3.4 САЯ ИРГЭНД "ЭРДЭНЭС ТАВАНТОЛГОЙ" ХК-ИЙН НОГДОЛ АШИГ ОЛГОНО". Erdenes Tavantolgoi JSC. 2024-01-31. Retrieved 2025-12-16.
- ^ a b B., Ooluun (2025-11-05). "Preparations Underway to List Erdenes Tavantolgoi on Stock Exchange". MONTSAME News Agency. Retrieved 2025-12-16.
- ^ Adiya, Amar (2026-01-20). "Borteeg Tests Whether Mongolia Can Finally Unlock Erdenes Tavan Tolgoi". Mongolia Weekly. Retrieved 2026-01-20.
- ^ "Protesters try to storm Mongolia government palace". uk.news.yahoo.com. 6 December 2022. Retrieved 2022-12-06.
- ^ "Coal is public issue, will be resolved more timely: Mongolian premier - Timeturk Haber". www.timeturk.com. Retrieved 2022-12-06.
- ^ "Mongolia to Take Mining Firm Public After Protests Over Graft". Reuters. 2022-12-13. Retrieved 2025-12-16.
- ^ Mining.mn. ""Эрдэнэс Тавантолгой" ХК-ийн 2024 оны онцлох 10 үйл явдал". mining.mn (in Mongolian). Retrieved 2025-12-16.