Southgobi Resources announces full settlement of tax verdict

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Munkhbat Chuluun, CEO of Southgobi Resources LLC, reports that the company has fully repaid MNT 35.3 billion obligation of the tax verdict during his meeting with Byambasuren Urgamal, Deputy Chief of Cabinet Secretariat. “The Government of Mongolia issued a resolution on Southgobi Resources LLC to pay MNT 35.5 billion to the State Budget. The resolution obliged us to pay MNT 15 billion in 2016 and 2017 respectively, and the remaining MNT 20.3 billion to be repaid by performing a work in Tavan Tolgoi mine. The company has fulfilled its obligated duties on time,” said CEO of Southgobi Resources LLC and expressed his gratitude towards the Government for supporting the private sector when the company was on the verge of bankruptcy. He added that the company was able to save workplaces of over 400 employees.

Mr. Byambasuren Urgamal remarked “I am grateful that one of the leading tax payers in Mongolia Southgobi Sands has restored its operations, overcoming its difficult period, contributing to the development of provinces and maintaining its position as a socially responsible company in Mongolia.” The company plans to export 5.5 million tons of raw coal and 800 thousand processed coal this year.