OT IA is being discussed by the SGK session. MPs are heavily commenting and it is certain that few changes would be made in the proposed version. Some MPs who are for the concluding IA, suggest to grant the power to the Government of Mongolia.
Some MPs suggests to have break and continue after Naadam Festival. Official close to the source said that it might be adopted today, but chance is narrow because one day of discussion is not enough to make votes and decision, at 16.30 Ulaanbaatar time. Most MPs wants to continue session after Naadam Festival. Business-mongolia apologizes from its readers for wrong information about IA will be discussed on Friday. Today, Thursday July 9 2009, the State Great Khural will close its spring session.
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Are they debating making more changes to the draft that has been presented?
not debating actually, just giving directions and instructions to insert their comments.
What time is it there now? If they don’t get it done thursday, when do they come back next week? Thanks.
They are 12hrs ahead of Washington, DC time in the US
Do you get the sense that the IA will need to be sent back to the working groups?
No, It is definitely decided to further consideration at SGK. Probably, it will continue discussion at SGK after Naadam Festival. It is very close now to sign the deal and agreement
I read on another report that they will meet again on July 14th.
This is what en.news is reporting. Do you agree with their report?
http://en.news.mn/news/3065
After a discussion spanning almost the whole of Thursday, the plenary session of Parliament agreed by 39 votes to 13 to discuss the draft agreement on Oyutolgoi. The draft now goes back to the Standing Committee on the Economy which will review the suggestions made at today’s session and then return the draft to Parliament. All this will be after Naadam, and most likely on July 14.
The members who voted against discussing the draft in its present form included D.Arvin (MPRP) and P.Altangerel (DP). Several MPs sought information from the working group which had prepared the revised draft.
yes, I agree. But I can assure that two parties are agreed to hand the power to sing IA to the Government of Mongolia.
So it’s a done deal then?
hard to say but I would say the Government will most probably receive that power after Naadam, sorry for inaccuracy
Appricate all your info.
Thanks
Amarsanaa,
Thanks for keeping us informed.
I do believe that the approval by the SGK will come before end of Friday Session. That, IMO, is all we need at this point, everyone agreeing on the terms. Final preparation of the papers may take a few days, before the signatures are put to the resulting document.
But if they agree, there should be NO further delays.
Are they allowing reporters inside the chambers where they are doing these discussions?
When will they do the final vote and will it be made public?
How many other reporters are at this histroical event?
The world is watching
You are doing great!
“B”
ULAANBAATAR, MONGOLIA–(Marketwire – July 9, 2009) – Ivanhoe Mines’ (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN) President and CEO John Macken said the company has noted the formal vote recorded today in Mongolia’s State Great Khural (national Parliament) to advance approval discussions of the comprehensive Investment Agreement for the Oyu Tolgoi copper-gold project in the South Gobi Region.
The vote to proceed with consideration of the draft agreement was supported by 75% of the members of Parliament present and followed six hours of discussion, during which the agreement was formally introduced by the Parliament’s Standing Committee on Economics. The Standing Committee announced that it had voted 13-1 in favour of authorizing the government to sign the agreement.
Under Mongolian law, the agreement now will be presented for its first official reading.
The comprehensive agreement, the culmination of almost five years of discussions and negotiations, and nine years of exploration and development by Ivanhoe Mines, establishes a legal framework for the construction and operation of the Oyu Tolgoi copper-gold mining complex and stabilizes certain taxes and fees in relation to the project. Oyu Tolgoi is the word’s largest, undeveloped porphyry copper-gold deposit.
Ivanhoe Mines shares are listed on the Toronto, New York and NASDAQ stock exchanges under the symbol IVN.
Amarsanaa,
What does the IVN press release mean?
Investor,
I think it means they are, those MPs that are present, will consider the draft presented and will vote up or down Friday.
From the article posted by Eric,
It is apparent that there are many MPs that do not consider this agreement important enough to even attend the session on Thursday.
Only 52 present out of 76. A majority of 45 is needed for approval. I hope that the Prime Minister and the other officials impose upon the MPs the importance of their attendance on Friday.
The most important issue to be discussed by the Parliament and some MPs are not present.
Citizens should be outraged at the attitude taken by some of their elected officials.
Amarsanaa, Can you get us a count of MP that attend Friday discussion?
Thanks. “B”
Barry,
SGK has closed the Spring Session.
There is talk of them opening a special session next week to discuss further OT and other matters but there will be no IA tomorrow that’s for sure.
They have decided to come back next week.
Amarsanaa,
Bloomberg repoted:
The parliament’s decision was supported by three-quarters of members present, Ivanhoe Chief Executive Officer John Macken said in a statement, adding that a draft agreement will now be presented for its first official reading.
What does this mean?
“draft agreement will now be presented for its first official reading.”
What is the schedule for next week. What happens on what day?
Actually it is so funny to explain, but this session is discussed whether to discuss IA through the session.
Now the official draft will be presented to the parliament with wider attendance of MPs and if this hearing approved by the majority then it is clear to go through and made the agreement. But Speaker is important here; he will formulate in which questions or issues to collect the votes for example MPs can vote for the questions like Whether to grant the power to Government? whether to approve IA as it is? whether to reject IA? etc. therefore, much more interesting is waiting us ahead. All in all, I felt that most MPs decided to grant the power to the Government.
Thanks,
Eric and Amarsanaa.
I had not heard nor did I understand there would not be a SGK session July 10, Friday. Time differences confuse me I guess.
Today in Texas is yesterday in Mongolia. It is 12:35 am here as I write.
So I gather there will be NO news until next week,
Would that be Monday or Tuesday for the next session?
Amarsanaa,,,,,,Have a great time at the festival
“B”
When does this happen? The questions the speaker asks, is that happening on Monday?
Is the Speaker in favor of getting the IA SIGNED next week?
yes. I believe so, he is quite neutral, but i think he is in favor of signing IA
We Mongolians should expel Ivanhoe Mines from our country. We hate Canadians and Americans for shameless behaviour! We will revoke Oyu Tolgoi license. Westerns are robbers.
Nafta,
The Canadians are trying to help you develop your natural resources. From what I read, the mining projects will create jobs and add wealth to your country. I also read that Ivanhoe has been active in the community and helping out the citizens of Mongolia. Without this mutually beneficial mining agreement, how will your country develop its resources and help its people?
Nafta,
I appreciate that you at least speak English but I seriously doubt your rationale. On what basis do you think you can expel these well known and reputed firms like Rio Tinto and Ivanhoe. This is the first and foremost major foreign investment that we face and we don’t want to look like an expropriating communist country and repel the forthcoming investments. Otherwise they would say “oh, don’t invest in Mongolia, that is a very risky place”. If you don’t understand just look up in any international finance book.
Strategically thinking we need to allow in as many western investments as possible in order to safeguard our sovereignty against China. These are the difficult times we’re going to face in the future mate! The future of Mongolia is uncertain, especially when China’s political outlook is uncertain and with those dumb MPs at the top of our country… or would you rather affiliate with China and Russia. They will not only steal our resources but will destroy our environment. Just think of Chinese standard of doing things, the worst environmentally damaging country in the world whereas the logical choice would be firms such as Rio Tinto and BHP billiton.
Amarsanaa,
Do you have a schedule for this weeks Special session?
On what day can we expect SGK to vote on whither or not to give the government signing authority?
if this project really makes us choosing the sovereignty of Mongolia against china why don’t we close this project and live peacefully. 2,7 million population is easy to live in Mongolia. No need Oyu Tolgoi or 5 Tolgoi. all we need is educated heads or bolovsroltoi tolgoi.
Educated heads are most important than these tolgois, if we have educated heads we can resolve these issue without problem or trouble
Educated people makes educated environment – yes
Educated environment needs resolved finance – yes
Resolving finance needs foreign investments – yes
Foreign investments requires educated heads from the housing country – yes
I believe OT deal should be signed. Just thinking of financial problems we’re dealing with? Please correct me if I’m wrong, but 30% of the mining is a profit for Ivanhoe. Think about the other 70%? Where is it going to be spent, in Mongolia of course. That gives us job opportunities for the unemployed, business to small companies, roads and transportation alternatives and so on …
I strongly disagree with Mongolian parliament trying to own up to certain percentage of OT. In order to own percentage you need to invest too. Where is that money? Borrow it from Ivanhoe for now? When we gonna pay it back? probably not in my life. Just give OT to Ivanhoe and get the royalty and think about all the other extras it’ll bring to Mongolia.