Mongolia’s largest coal producer, Erdenes Tavan Tolgoi, is on the fast track to expand its operations. If current expansion plans become a reality, they expect to produce 47 million tons of coal annually with projected revenues 10 trillion MNT per year by 2025. This is to be achieved through investments in capital projects over the next five years, worth an estimated 10 trillion MNT. By ramping up its operations, revenues would grow geometrically, increasing its dividend to investors and revenue to the government (currently 81.5% of the company is state owned and 18.5% by citizens and private investors). These investments are to be funded from internal revenues, bond issuances and debt. By expanding their capacity, ETT aims to take advantage of new market conditions and increase their market share in China.