Mongolia's largest coking-coal deposit, run by Erdenes Tavan Tolgoi JSC (ETT). It is the only major mine where citizens own shares directly: each holds 1,072 shares and receives dividends straight into their account. How much they get swings with the coal price, from MNT 350,008 for 2024 to MNT 63,242 for 2025.
Who owns it
| Owner | Share | Note |
|---|---|---|
| Erdenes Mongol (state holding company) | 73.5% | Holds the state's stake (Government meeting, 19 Feb 2025) |
| Citizens of Mongolia | 26.4% | 1,072 shares each. Given in 2012 to citizens born before 11 April 2012; extended in 2024 to those born or naturalised from 12 April 2012 to 31 December 2023 (Government meeting, 19 Feb 2025) |
| National enterprises | 0.06% | (Government meeting, 19 Feb 2025) |
Before the 2024 extension, the split was 81.5% Erdenes Mongol, 18.44% citizens and 0.06% national enterprises (News.MN).
Where the money went
| Flow | Amount | Note |
|---|---|---|
| Net profit, 2024 | MNT 4.5 trillion | Record year (ikon.mn) |
| Dividend from 2024 profit | MNT 3.9 trillion | About MNT 1.1 trillion to citizens and MNT 2.8 trillion to the state's shares (itoim.mn) |
| Net profit, 2025 | About MNT 1.1 trillion | Coal prices fell and exports faced logistics problems (iSee, UBN) |
| Dividend from 2025 profit | MNT 786.6 billion | MNT 208.5 billion of it to about 3.5 million citizens (iSee) |
| Taxes and fees, first half of 2025 | MNT 742.2 billion | Paid to the state budget (Mongolian Mining Journal) |
| How coal is sold | Through the Mongolian Stock Exchange | All sales since February 2023, after the 2022 coal-theft scandal (Mongolian Mining Journal) |
How much reached citizens
Dividend for a holder of 1,072 shares, by the year the profit was earned:
| Profit year | Per 1,072 shares | Note |
|---|---|---|
| 2019 | MNT 96,480 | MNT 90 per share (ikon.mn) |
| 2020 | 0 | The board decided not to pay (Montsame) |
| 2022 | About MNT 104,000 | (News.MN) |
| 2023 | MNT 285,000 before tax, MNT 256,000 after | MNT 266 per share (News.MN) |
| 2024 | MNT 350,008 before tax | MNT 326.5 per share, paid in three instalments from December 2024 to April 2025 (ikon.mn, ikon.mn) |
| 2025 | MNT 63,242 after tax | MNT 65.55 per share, due by 30 April 2026 (iSee) |
Citizens also benefit a second way. By law, 34% of dividends the state receives from state-owned mining companies, ETT included, go to the Savings Fund. In 2024 these dividends totalled MNT 495.6 billion and added MNT 138,900 to each of 3,565,966 citizens' accounts (Ministry of Labour and Social Protection).
By our calculation, citizens received about 24% of ETT's 2024 profit (MNT 1.1 trillion of 4.5 trillion) and about 19% of its 2025 profit (MNT 208.5 billion of about 1.1 trillion) as direct dividends.
Open questions
We could not find these figures in full from public sources. This page will be updated when sources are found.
- Audited financial statements for 2024 and 2025, published in one place
- Where the state's MNT 2.8 trillion from 2024 profit went: how much to the Savings Fund, the budget and Erdenes Mongol
- How much reached Umnugovi aimag and Tsogttsetsii soum
- The dividend for 2021 profit
For the full analysis, see the report Sharing Resource Wealth.
Sources
- itoim.mn — Government meeting, ETT ownership (19 February 2025)
- itoim.mn — Kh. Munkhjargal: ETT will distribute MNT 1.1 trillion to citizens (19 February 2025)
- News.MN — Mongolia to distribute 1,072 shares of ETT (20 December 2023)
- News.MN — 2023 dividend (2 April 2024)
- ikon.mn — 2024 net profit and dividend (21 February 2025)
- ikon.mn — third instalment of the 2024 dividend (10 April 2025)
- ikon.mn — 2019 dividend (19 February 2020)
- iSee — 2025 dividend (22 February 2026)
- UBN — dividend depends on coal exports (21 February 2025)
- Montsame — ETT business plan and 2020 results (10 March 2021)
- Mongolian Mining Journal — first half of 2025 results
- Ministry of Labour and Social Protection — Savings Fund, first half of 2025