Erdenes Tavan Tolgoi Transfers MNT 1 Trillion in Dividends to the State
According to Mining.mn, Erdenes Tavan Tolgoi JSC (ETT), Mongolia’s leading state-owned coal mining company, has transferred MNT 1 trillion in dividends to the state after posting a net profit of MNT 1.5 trillion through the third quarter of 2026, exceeding its full-year target well ahead of schedule.
Exceeded byProfit Target 50%
ETT had planned to earn MNT 1 trillion in net profit for 2026. By the end of September, the company had already surpassed that goal by MNT 500 billion, reaching 150% of its annual profit plan. According to the report, all of its key production, sales and financial indicators grew compared to the previous year.
Strong Growth in Production and Sales
In the first nine months of the year, ETT produced 28.6 million tonnes of coal, reaching 108% of its plan. This is an increase of 6.4 million tonnes, or 29%, compared to the same period last year. Coal sales rose even faster, reaching 28.8 million tonnes, up 8.9 million tonnes or 48% year-on-year.Higher sales volumes drove a sharp rise in revenue. ETT’s sales revenue reached nearly USD 2.0 billion, achieving 126% of its target and growing 68.1% compared to the same period in 2025.
Contribution to the State Budget
Over the same period, ETT paid MNT 1.4 trillion in taxes, fees and charges to national and local budgets, reaching 133% of its annual plan. In addition, ahead of Great Chinggis Khaan’s Day, the company transferred MNT 1 trillion in dividends owed to the state, further underlining its role as a key contributor to Mongolia’s public finances.
What It Means for Investors
ETT’s results reflect the steady growth of Mongolia’s mining sector, particularly its coal export capacity. Improved profitability and large dividend payments to the state also put a spotlight on the governance and financial discipline of Mongolia’s state-owned enterprises, a topic of growing interest for international investors.
