Displaying items by tag: Mongolia

Mongolia: L Naranbaatar, the head of Khutul Cement and Lime, has responded to a strike at the company by outlining changes made since it was nationalised in 2022. Workers are protesting with demands to add wage incentives and to appoint managers from within the company, according to the UB Post newspaper. They have also alleged that the company is spending its budget illegally.

During a press conference Naranbaatar explained that the company produced 403,000t of cement in 2022, an increase from 2021. It reported a profit of US$3.3m in 2022, the first time it had made a profit in the last decade. However, the producer’s wage bill nearly doubled to just below US$6m in 2022. The company also spent US$2.25m on upgrades to the plant in 2022, the first such investment made in five years, compared to US$171,000 spent on maintenance in 2021.

Former economist L Naranbaatar was appointed as the head of Khutul Cement and Lime in March 2022. The company was transferred to the Development Bank of Mongolia when the heir of the previous owners refused to accept the inheritance.