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Msg  13713 of 14136  at  1/14/2021 6:53:47 AM  by

mrpancake


Deputy Chief Cabinet Secretary: Mongolia

Deputy Chief Cabinet Secretary: "Economic benefits of Oyu Tolgoi to Mongolia must increase"

However, she reaffirmed that the government has never expressed any position to stop the ongoing Oyu Tolgoi project. “I believe the situation will not become dire of having to stop the project and this matter could be settled in a mutually beneficial manner. Both Rio Tinto and Turquoise Hill Resources have also expressed that the issue is in no way under that serious circumstances of ending the development".

“The government has put forward proposals to coordinate and lower the management services payment received from Rio Tinto in line with performances, and reduce shareholder loans interest rates with LIBOR plus 6.5 percent with a view to increase Mongolia’s benefits” added the Deputy Chief.

Oyu Tolgoi Board of Directors has decided to set up an independent committee made up of experts nominated by Erdenes Oyu Tolgoi LLC and Turquoise Hill Resources to review the causes of cost overrun and delay in the Oyu Tolgoi underground development. “Once the experts are selected, the committee is expected to make conclusion on the matter within six months,” says Solongoo.


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13719 Re: Deputy Chief Cabinet Secretary: Mongolia Gillripper 1 1/14/2021 9:29:49 PM








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