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to Govt sell stake in mining firm in Mongolia after 26 years - Prague Daily Monitorpeople features arts dining media cinema opinions events sports Executive MBA The Czech Republic's Englishlanguage electronic news daily FRIDAY 17 FEBRUARY Friday: Light rain, 3 to 5 Saturday: Light rain, 1 to 7 Sunday: Sunny intervals, 1 to 5 PX50 up 0.29% DOW up 0.28% FTSE down 0.01% DAX up 0.02% CAC40 down 0.55% Exchange rates EUR 1 = CZK 28.405 GBP 1 = CZK 41.554 USD 1 = CZK 23.860 Other currencies SEARCH • Prague • CZ & Europe Prague transport links Receive the Prague Daily Monitor in your inbox each weekday morning. Never miss daily news in English on Czech politics, business and markets, sports, Prague events and other features on people and life in Prague. Subscribe here for free. • Privacy policy • Unsubscribe • Advertise with us • Frequently asked questions • Contact us Read past issues of the Prague Daily Monitor • Thursday 16 February • Wednesday 15 February • Tuesday 14 February • Monday 13 February • Friday 10 February • Previous issues Links CLASSIFIEDS • Expats.cz • The Prague Post • Prague TV • Praha Bulletin Board European Business Directory Czech/English dictionary TEXT MESSAGES: Eurotel, Oskar Govt to sell stake in mining firm in Mongolia after 26 years PRAGUE, Feb 13 (CTK) - The cabinet should on Wednesday cancel the agreements which prevent the privatisation of Czech-Mongolian mining company Mongolcechoslovakmetall, the firm's board of directors member and Environment Ministry official Svatobor Brehovsky has told CTK. Mongolcechoslovakmetall, focused on mineral prospecting and mining, was set up in Ulaanbaatar on January 1, 1980, as part of economic cooperation among the then socialist countries. The Czech Republic and Mongolia hold equal stakes in Mongolcechoslovakmetall. The company employs several dozen staff and its only activity is currently the mining of gold and fluoride. Mongolcechoslovakmetall has found it hard to sell its output and the Republic Czech withdrew support to the company years ago. The gold extracted by the company is bought by the Mongolian government but it is very difficult to sell the other minerals, Brehovsky said. Mongolcechoslovakmetall's annual gold output reaches around 35 kilogrammes. In 2002, for instance, the company made a profit worth CZK 35,000. If the cabinet approves the cancellation of the agreements, Mongolcechoslovakmetall will be transformed into a joint stock company and the Czech Republic will sell its shares in a tender. Brehovsky expects that the Mongolian side will buy the Czech stake and that the transaction could be completed at around the end of 2006. The company will probably wind up operation then. The Czech stake in Mongolcechoslovakmetall is currently managed by Czech company Intergeo, set up by the Environment Ministry. The Czech Republic will continue to provide development aid to Mongolia which it launched in the second half of the 1990s. The government's aid plan counts on support to Mongolia until 2010. From 1996 to 2006, the Czech government has invested some CZK 234.6 million in development aid projects in Mongolia. The projects involved hospital and power plant reconstruction, water supplies project and geological surveys of the Gobi Desert, for instance. kou/er/joz This story copyright 2005 CTK Czech News Agency. The Prague Daily Monitor and Monitor CE are not responsible for its content. More Business: Francois Vleugels becomes Unipetrol CEO -- Euro [PDM/CTK] CR welcomes EU services liberalisation directive with objections [PDM/CTK] Contract with Hyundai can be signed at turn of Feb,March-ministry [PDM/CTK] European Commission deals with Czech toll tender -- Euro Online [PDM/CTK] Forest firm Lesy CR appeals against UOHS verdict on orders [PDM/CTK] Skanska raises profit in CzechRep, Slovakia by 20 pct to Kc1.3bn [PDM/CTK] CEZ stock to rise above Kc1,000 by end-year --Wood&Co [PDM/CTK] CSOB in talks with PPF on takeover of eBanka --press [PDM/CTK] people features arts dining media cinema opinions events sports Executive MBA

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