Fatal error cannot run ‘mt.exe’ at compiling VS 2012 C++ project

I upgraded Visual Studio to VS Professional 2012.

Building old Visual C++ projects resulted in the error:

LINK : fatal error LNK1158: cannot run 'mt.exe'

Putting the folder with mt.exe into the path did not help.
Currently I am using mt.exe in the folder C:\Program Files (x86)\Microsoft SDKs\Windows\v7.1A\Bin\x64

Read more here: https://stackoverflow.com/questions/19079611/fatal-error-cannot-run-mt-exe-at-compiling-vs-2012-c-project

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