Oyu Tolgoi discussion resumes

Jul 28 • Mining • 694 Views • 13 Comments on Oyu Tolgoi discussion resumes

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IA of Oyu Tolgoi was discussed yesterday between the Government, IVN and Rio Tinto. They have sat at the table for the 4th time. Sam Regal, leader of the working group of the investors had met with D.Zorigt, leader of working group of the Government and S.Bayartsogt, Minister for Finance. Sam Regal is responsible for all investment agreement of Rio Tinto.
Working group of the Government presented the resolution No 57 to the investors. This means the Government is only allowed to make agreement under the current principle made by the Standing committee on Economy. The guidance is to make the agreement without tax waive or redemption. The IA discussion will continue to resume today.

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13 Responses to Oyu Tolgoi discussion resumes

  1. Eric says:

    “Make agreement without tax waive”.

    In the past both RTP / IVN both said they would not support
    a windfall tax. So what’s different this time? How can we expect that
    an IA can be signed under the current principle?

  2. OTuten says:

    Unbelievable

  3. Barry says:

    Badrakh,
    Thanks for the info. such as it is.
    What is Resolution No. 57 ?

    Where else is there any room to give IVN / RTP more profit.
    They won’t do it out of the goodness of their corporate heart, or for the sake of kindness and generosity to the Mongolian people.
    IVN / RTP are NOT ‘not for profit’ organizations.
    They owe a fiduciary duty to their shareholders.
    IVN RTP have brought out the best that they have in international negotiations. If they cannot come to agreement with them now, we ain’t going to see one, for years.
    And the Mongolian people are the ones that will suffer.
    One good thing that may come from the delay, Mongolia can try to bring thier infrastructure up to date, some anyway.
    Oh wait, they do not have any money to do that. Ghettos developing around the Capital, Unemployment growing. People not getting needed medical attention. MONGOLIAN PEOPLE STARVING.
    does anyone believe that the MPs and the goveernmnet officials negotiating this deal should be congratulated ?
    Mongolia may be being simply to greedy for their own good.
    “B”

  4. Amarsanaa says:

    guys very soon a video interview with Minister D.Zorigt will be published

  5. jato says:

    Thanks, Amar– looking forward to it. By the way, where did you study English? Just curious, cause I teach ESL in the US.

  6. Amarsanaa says:

    in MGLia, National University of Mongolia, School of Foreign Service

  7. Barry says:

    A move in the right direction,,,video interview.
    I hope there is an English version. My Mongolian is non-existant.
    I guess that the discussions are still ongoing.

    I wait, not so patiently.
    “B”

  8. Eric says:

    Thanks Amarsanaa.

    Here is what news.mn is reporting.

    http://en.news.mn/news/3159

  9. Davaa says:

    First of all, there are vague and informal inference floating around. You have to understand ( both side) that the time has changed and open your mind by seeing reality. Look at Mongolian government officials, they are not that irreverant and arrogant towards foreign investors as Barry described.
    I would suggest him put yourself in mongolian shoes. Yes, they may be poor and suffering. But, there is nontrivial aspect of common thinking, perhaps more applicable, amongst Mongolians that they would prefer to sacrifice themselves today for the goodness and prosperity of tomorrow. There is no need to rush. It is good for Mongolians to increase their options.
    I would prefer to learn from others`s mistake,overall,history is potent enough to deliver , on time, in the medium to long run, most of the possible scenarios, and eventually bury the wronddoers.

  10. Dray says:

    hey, Amarsanaa where do u think it is going to be posted for the video or any more info

  11. investor says:

    Davaa,

    There are international standards on how these agreements works. Mongolia is not the first country to negotiate such a deal. They’ve been negotiating this agreement for over 5 years. If they don’t get this deal done shortly, Rio Tinto will probably walk away from the deal. If that happens, Mongolia and it’s people are screwed! The country may be rich with mineral resources but it’s going to stay underground forever!

  12. eric says:

    investor,

    If RTP leaves then Chinalco or BHP just to name two would love to come in and take over.

  13. investor says:

    Eric,

    I doubt it if BHP will come in. Maybe Chinalco or the Russian.

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