MPRP group prefer to discuss the draft investment agreement on Oyu Tolgoi during the spring session of SGK (State Great Khural)
Mr. D.Lundeejantsan, the Chairman of MPRP group informed that MPRP group agrees to discuss the draft investment agreement on OT, but it needs some more modification before doing so. Deputy chairman G.Zandanshatar said that this draft needs urgent approval, but it is needed to be postponed until the spring session of the State Great Khural in order to make some clarifications and modifications.
They mentioned that MPRP is expecting its exploitation and investment agreement to be the main resource of fulfilling its election promise of 1.5 million MNT.
MPRP thinks that the draft agreement is not clear in the sense of its feasibility study, reserve estimation and benefit to Mongolia. It also believes that there must be an aggregate between the benefit to the Mongolian economy and the decreased income due to the waived windfall tax and VAT.
MPs also see that the clause “… investors will schedule its project implementation procedure and in doing so it will inform to the Minister for Mineral Resource and Energy…” of the draft limits the right of the Mongolian side investors.
The last but not the least hesitation is that MPs of MPRP are in doubt towards the power of Ivanhoe Mines Inc if it can represent the main investing body. According to the international agreement, English version dominates. Therefore, MPRP suggests revising its translation from grammar standpoint and considers better translation version.
According to the Chairman D.Lundeejantsan, MPs are not well satisfied with the pre-payment of 125 million US$, they made proposal to raise it up to US$500-1.000 million.
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27 Responses to MPRP group prefer to discuss the draft investment agreement on Oyu Tolgoi during the spring session of SGK (State Great Khural)
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Postponing the draft investment agreement until the next session of parliament is kind of like the Mongolian equivalent of ground hog day.
Mr. D.Lundeejantsan must have seen his shadow, I guess its 6 more months of waiting until its postponed again.
Bolloo
This probably is the end of this project for the time being. That is very sad. Killing the goose that is going to lay the golden eggs before it even starts laying them is a terrible mistake. Even in the folk tale the goose laid a few eggs before the fools killed it to get what was inside and found out they had destroyed their future wealth. Greed has won and the people of Mongolia are the losers.
What a waste. I guess Mongolia is doomed to poverty. Until their parliament members are replaced with ones with a clearer grasp on the way the world works the lives of the people of Mongolia will not improve.
The last line of the report really indicates that the SGK members are living in a world of fantasy. Prepayment of $1 Billion? They are deluded.
And they are also mistaken if they think the deal with the IMF is going to hold when they refuse to deal fairly with foreign investors.
If they thought the Mongolian economy was in trouble before, just look out now!
Idiots.
In North America we are giving Billions to GM I have no idea what Mongolia think they have . Ivanhoe needs to stop all work ASAP…
IVN not taking as big of a hit as I would have thought in after aours. RTP hasn’t been hit at all.
These politicians are a joke! They really have no clue what they are doing! Good luck to the people of Mongolia. They need it!
MONGOLIANS MAY THINK THEY PROTECT THEIR MOTHERLAND, I FEEL SORRY FOR THEIR SHORTSIGHTEDNESS. THEY ARE LOOSING ANY CREDIBILITY IN THE ENTIRE WORLD, FOR DEALING IN THE FUTURE EVER AGAIN WITH MONGOLIA OR MONGOLIANS
And now I see conflicting information. Another website quotes D. Lundeejanstan as saying that the MPRP will support the OT agreement.
http://en.news.mn/news/2136
So which is it? Maybe it’s just a matter of who’s willing to make a pay-off?
Heck of a way to run a country. And again, kiss the IMF support goodbye.
Thats why there mongolians. Anti-progress.
http://www.news.mn/news/section=home/page=index#0.5567431479808729
This is the full version of this news. But http://en.news.mn/news/2136 failed to translate it in its full extent. Sorry for this.
Editor in chief
Amarsanaa.B
Amarsanaa:
I appreciate you trying to clear up the story, but I’m not sure I understand. Are you saying that MPRP will not support the OT agreement in Parliament?
The link you provided led me to the Mongolian language page. The English version still has only the short story. I guess you are saying the short translation is wrong, and the full Mongolian version of the story would lead us to the information provided on your page?
Thank you for posting a reply. And for a well designed and informative webpage.
plain truth and message that was made by these two MPs are posted here with exact translations.
Let me explain the procedure of the Mongolian Law making:
Monday: Party groups will discuss the issue (at this time party groups met twice Monday and Tuesday)
Tuesday: Parliamentary standing committees
Wednesday: Cabinet Meeting
Thursday and Friday: SGK
I am closely following the progress and development regarding OT draft agreement and update you when the true info is available.
It appears however, that the shortened en statement is correct in concluding that although there are some disagreemnts among MPs, THE MPRP WILL SUPPORT THE OT DRAFT AGREEMENT THAT WAS DELIVERED TO PARLIAMENT BY PM BAYAR.
According to the recent news its issue is pending and the both party groups made decision to postpone it. Tomorrow 10 am by Ulaanbaatar time, it will be much clear.
Amarsanaa,
You need to correct or update this article if the article is incorrect or incomplete!
It is not incorrect or misleading. Better ask SGK to make clear statement instead. I provided plain text that MPs said to media.
Thank you Amarsanaa and hERERA:
It seems politicians are similar around the world.
If I could make a suggestion, it would be that along with reporting the “plain text” of what the MPs said, you include in your reports the effect the statements will have.
For example, does the OT agreement need the full support of the MPRP to pass? When is the spring session scheduled to begin?
Is there further discussion or a vote on OT to take place in the SGK this week?
Again, thanks for your responses. I appreciate that your job is a difficult one.
So, should I sell my stocks?
I think the draft agreement is very disadvantageous to Mongolia. It is almost daylight robbery. Probably it is never going to ratified by parliament, because most MOngolian experts are understandably dissatisfied.
Enkh, Mongolian experts? nothing expert going on here, people just chasing their tails.
Herera:
The news reports have been very misleading and your insight is extremly appreciated. Since you appear to have an ear to the ground…any predictions on the Parliamentary vote?
Eagerly awating your next update.
To all:
I suggest you take a look at the amended report on the other website. Perhaps we can credit their edited english update of the story to the work of Amarsanaa and hERERA?
http://en.news.mn/news/2146
Thanks.
I too, eagerly await your next update.
Kris,
Not based on what we heard. Sounds like it’s a new project. I think it’s too early to decide whether to sell your stocks.
Thanks g,
I about had a heart attack when read this. I am glad I was able to cancel my sell order before it took effect.
When does the spring session start? It appears in previous years it was early April but I’ve heard reports of the end of April.
I can’t find anything about the dates on teh web.
This is what happens when a country is led by a bunch of incompetent politicians who bought their diplomas somewhere who knows where…
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