Former Energy Minister P.Gankhuu appointed as CEO of Erdenes Mongol
Former Minister of Energy P.Ganhkuu was appointed as CEO of Erdenes Mongol, the primary company mandated to manage the government’s shares in Mongolia’s worldclass mining assets, with the most prominent being Oyu Tolgoi LLC and Erdenes Tavan Tolgoi JSC.
The former minister takes on the role of CEO as his predecessor Ts.Tumentsogt was relieved of his duties.
“I am pleased to see that a former minister of energy, who has vast experience, is being appointed to the position,” Ts.Tumentsogt said at the ceremony to appoint P.Gankhuu.
Ts.Tumentsogt congratulated and wished P.Gankhuu well on his important new role to sustainably and inclusively develop Mongolia’s worldclass mining assets for the Mongolian people.
Under Ts.Tumentsogt’s administration, Erdenes Mongol turned in a profit for the first time since it was established. In 2017, the company contributed 278.5 billion MNT to the state budget, turning a profit of 481.8 billion MNT.
P.Gankhuu underlined that his administration will work to quickly implement much-needed projects and undertake large reforms. He reiterated his trust in the workforce of Erdenes Mongol, saying that the company is one of the most important players in the future development of the economy.
The former minister majored in energy economics at the National University of Mongolia in 1997 and has a master’s in economics from Senshu Univeristy in Japan and another master’s from Sydney University in Australia.
Currently Erdenes Mongol manages assets owned by the Mongolian government in the following ventures:
» Erdenes Tavan Togloi JSC » Erdenes Oyu Tolgoi LLC » Baganuur JSC
» Shivee Ovoo JSC » Mon-Atom LLC » Erdenes Shivee Energy LLC » Erdenes Metan LLC » Erdenes Asset Management LLC
» Erdenes Alt Resource LLC
The company also manages Mongolia’s 34 percent stake in Oyu Tolgoi LLC in addition to the Gashuunsukhait Road LLC, a private-public venture to operate and repair roads from the Tavan Tolgoi mine to the Gashuunsukhait border crossing.
As of right now, it is unclear on what basis Ts.Tumentsogt was relieved of his duties. Recently, CEO of Erdenes Tavan Tolgoi JSC was relieved of his duties and appointed as the CEO of Erdenes Alt Resource. In his place, D.Gankhuyag, the deputy CEO was confirmed as the new CEO.
Some analysts have speculated that the move is most likely politically motivated as a precedent to replace the management of top state-owned enterprises after a shuffle in Cabinet has been the norm for a while.