The Director’s Board of Erdenes TT LLC held a meeting last week. During the meeting the board reached a decision to take measures to reduce expenses because of financial difficulties. Erdenes TT LLC also announced the decision to relieve the vice directors of their duties.
According to a source, the Director’s Board of Erdenes TT LLC dismissed two of four directors. Local reports say Graeme Hancock, the Chief Operating Officer was one of them.
The Director’s Board reached a decision not to appoint new vice directors until the financial troubles have been solved.
Erdenes TT LLC excavated 2.7 million tons coal. This year the company plans to excavate another 7 million tons of coking coal.
The directors board gave orders to the remaining directors to reduce the operating expenses by spending the budget economically and setting the price based on the market index.