In July 2022, Greentrends LLC started cooperation by signing a 1-year contract for developing the Asset Retirement Obligation (ARO) of the Nariin Sukhait coal mine of “Mongolyn Alt” (MAK) LLC. In the framework of this work, the legal and financial obligation for the long-term asset retirement, rehabilitation, and closure of the Naryn Suhait mine located in the Gurvan Tes sum of Umungobi province will be determined, and ARO created. The final report and database will be handed over to Mongolyn Alt (MAK) LLC in July 2023.
The ARO calculation will be based on the current land use, assets, and rehabilitation obligation of the Nariin Sukhait mine, and taking into account the methods such as IFRS IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” standard, “Procedures for rehabilitation and closure of mines, and concentrators” approved by joint order No. A/181, A/458 of the Minister of Mining and Heavy Industry; and Minister of Environment and Tourism, dated 28 August 2019, and “Accounting standards for exploration and extraction operations” approved by Order No. 409 of the Ministry of Finance of 2016.
With ARO finalized, Mongolyn Alt (MAK) LLC will evolve as one of the few businesses that apprehend the significance of current and future rehabilitation obligations by demonstrating to nationally invested enterprises.
About Mongolyn Gold (MAK) LLC
Mongolyn Alt (MAK) LLC is a nationally invested company operating in the mining industry since 1993. Mongolyn Alt (MAK) LLC is also leadership in Mongolia’s heavy industry by producing construction materials for the country’s development, such as cement and aerated concrete.