On behalf of The Government of Mongolia, 34% of Oyu Tolgoi LLC was owned by a state-owned company Erdenes Mongol LLC (previously Erdenes MGL LLC). However, pursuant to Government's 348th resolution passed in 2011 and Erdenes Mongol LLC's 28th board resolution, Erdenes Oyu Tolgoi LLC was founded as a subsidiary of Erdenes Mongol LLC in 2012. Erdenes Oyu Tolgoi LLC is in business after officially obtaining the 34% ownership of Oyu Tolgoi LLC transferred from Erdenes Mongol LLC.
The main vision of Erdenes Oyu Tolgoi LLC as defined in the company charter is to be the 34 percent shareholder of Oyu Tolgoi LLC, to participate in operations of Oyu Tolgoi LLC, to utilize state participation during the mine production. The management structure of Erdenes Oyu Tolgoi LLC comprises of Shareholder's meeting, Board of Directors and Executive Directors. According to the 2nd Board resolution of 2012, the organizational structure of the company was approved by the Board of Directors. The Company operates in accordance with the The Company Law of Mongolia, The Company Charter and The Internal Labor Procedure of the Company as well as in alignment with the OT Investment Agreement and Shareholder's Agreement.
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