A hearsay is wandering around the Government House that the irregular session of SGK would be called on August 10 2009. The reason of the irregular session is obviously OT IA. Minister D.Zorigt expressed several times through media that reaching deal with resolution of the State Great Khural is impossible. Therefore, SGK would held an irregular session to discuss the issue.
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Talk about IA seems to be the favorite pastime of the SGK.
I thought they gave the authority to the government to make the deal?
Talk, TALK, TALK, TALK, 5years they have been talking, what more can they say.
If an MP does not understand then leave it to someone who does.
Get ignorance out of the discussions, let more astute minds rule them. There are some very smart MPs and leaders, let them guide the discusions and let those that don’t understand, stand aside.
Get the IA done, or let IVN / RTP sell the damn mine.
Get their investment back and leave.
Shut the mine down to maintenance level, and take a long deserved vacation, maybe BALI, it is nice and warm there I hear.
Give the mine employees a little time off also. A year or so would be nice, but without pay.
5 years they have had to study this issue, 5 years, and they still do not understand.
INCREDIBLE>
“B”
Can anyone confirm the $260 billion USD offer by Koreans for TT?
Barry,
Your comments are spot on!
With regard to the Koreans, I heard it on good authority that there was a “lost in translation” moment and they actually meant $250 million…big difference from a small letter…
It is 260 billion US$, if we made mistake then all Mongolian newspapers made mistake also
Please verify that as it would represent 20% of the GDP of the ROK…not sure that’s realistic..
Rightly so, there have been meetings between the Mongolian and the Korean sides but nothing had been agreed. USD 260 billion was the amount through out all newspapers and other websites.
Regarding the OT issue, i think now the SGK is finally thinking about something otherwise they would be holding an irregular meeting.
Amarsanaa,
Can you explain the difference between an regular and irregular session of SGK.
I assume an irregular session will not have as many MP’s?
No, irregular regular is same only difference is that irregular session is announced according to the law of SGK. Irregular session can be called when it is necessary! So it is normal procedure to have it if SGK considers so.
So will we be back to a situation were we are relying on a 2/3 majority of SGK to vote on passing a revised IA?
No, the irregular session will be held so the Parliament can waive the withfall tax. The gov’t is only allowed to negotiate within the current law. The current law includes the windfall tax. There is absolutely no way IVN/RTP will agree with this deal with the windfall tax. Everone knows this. My guess it the gov’t will have an agreement with IVN/RTP with the assumption that the Parliament will get rid of the windfall tax. Once they have an agreement, the parliament comes in and vote for it. Amarsanna, does this sound right to you?
So, a 2/3 majority would need to vote to waive the windfall tax.
In the past that has been the sticking point. Not enough MP’s voted to have it removed.
Amar and Badrakh, eric and investor:
Rest assured, the $260 billion is the investment over the life of the project. That is not a great amount when you consider that the project will (conceivably) continue to produce coal for 200-300 years. Don’t be mislead by the South Korean obvious exaggeration of their “investment”. The plan for TT is for 30 million metric tonnes of coal to be mined / sold annually. That approximates $3 billion / year gross revenues–much less after taxes, expenses, overhead, etc. Of course, the South Korean consortium is including every possible penny they put into the project over the mine’s entire life (approx 6 billion metric tonnes / 30 million tonnes per year = 200 year). When every conceivable “investment” expense along with the eroding effects of inflation are taken into account, the $260 billion will be nothing more than the standard investment that any large corporation /consortium would be ready to make. In other words, the $260 billion is “hype”.
I know but i cannot comment on such a statements. Usually, Koreans talk big act small
Jato,
thanks for the explanation.
The Mongolian press should have made this a little more clear. further explanation and questions should have been asked, by someone. Dificult to achieve transparency through muddy articles:)
Special Session, irregular session, what is the difference if some of the MPs cannot understand, you cannot do an instant brain trnsplant. SOME will NEVER understand. Get the majority to do the right thing. That should be the goal at this time. “B”