Q: Feasibility study of OT deposit was rejected by the Mineral Wealth Council of Mongolia. What was the main reason of rejection?
Minister D.Zorigt: Professionals and experts made comments during the hearing and meeting of the Mineral Wealth Council of Mongolia. Also they put several questions from investors. Upon receipt of the response the approval will be discussed. Working group met with investors regarding the above-mentioned questions on February 5 2010. Investors’ side promised to give detailed explanation on the questions .
Q: It said that total capital investment size increased in the feasibility study by $1 billion. What is your opinion?
Minister D.Zorigt: Initial investment size hasn’t increased. It’s all investment is made according to the investment agreement.
Q: Upon signature of the agreement, the Government will receive $250 million as pre-paid loan. When the second funding will be made?
Minister D.Zorigt: On April 2010.
Q: When the Mongolian Board Members will be appointed for Oyu Tolgoi LLC?
Minister D.Zorigt: The State Property Committee and working group are preparing their proposal. In near future, Board Members will be approved by the Cabinet Meeting. Cabinet Meeting of the last week discussed the progress of the planned works since the agreement was signed. 5 of 12 works are started to be implemented and 7 of them were implemented. International Auditing has been made on the investment in Oyu Tolgoi deposit. This will be concluded in next March. Also Taxation Authority auditing will be completed within this month.
Q: You informed earlier that Tavan Tolgoi negotiation will revive in February. When will it start?
Minister D.Zorigt: Tavan Tolgoi negotiation is active now. The Government will make resolution on April. This issue will be proposed for the SGK session after completing negotiation with 10 bidding companies.