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Mongolia Parliament Votes to Nationalize Erdenet Copper Mine

  • Parliament invalidates earlier sale, hands asset to the state
  • Probe into deal for Russian stakes in mine showed violations

Mongolia’s parliament approved a resolution to nationalize copper, gold and iron-ore assets in the country following a probe that found a $400 million transaction with a closely held company was illegal.

Parliament’s resolution invalidates a previous government decision that had authorized the sale of 49 percent stakes in both Erdenet Mining Corp. and Mongolrostsvetmet LLC to Mongolian Copper Corp. The resolution was approved by a vote of 49 in favor to 12 against, according to a broadcast carried on Bloomberg TV Mongolia.