Final Oyu Tolgoi pre-payment contract signed
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Loading ...According to the Decree #40 of the SGK, the cabinet has been obliged to make an agreement on the investment deal to take the payment for exploiting mineral resources and a certain part of the excise tax in accordance with a parliamentary resolution. In respect of this, the cabinet established the investment contract in October 6, 2009 with the Rio Tinto International Holdings Ltd, Ivanhoe Mines Ltd Corporation and the Ivanhoe Mines Mongolia Inc LLC, agreeing to take the pre-payment of USD 250 million in several phases.
The first part of the pre-payment USD 100.0 million was transferred to the government in October of 2009, the second one USD 50.0 million in April of 2010. The third part equal to USD 150.0 million is given to Mongolia with an interest of 1.59 per cent in accordance with the contract on pre-payment.
A contract on transferring a final, third part of the pre-payment was signed Tuesday by S.Bayartsogt, the Minister of Finance, and by Mr. Cameron McRae, president and CEO of Oyu Tolgoi LLC. Thanks to this, money of 100 million US dollars will be passed to the Mongolian side.
The money transferred to the Government will be used to fund the human development fund. The human development fund is distributing cash to every citizen and also providing non-refundable aids for every university student. The money will also be used for infrastructure and social development.
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5 Responses to Final Oyu Tolgoi pre-payment contract signed
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300 million US is nothing. It is 0,00000001 of what it supoosed to be paid at least. A one single millionaer can buy then this contract. I cannot believe it!! Wow!!! This country is giving every thing freeeeeee! It should be counted as 100, billions, even at the beginning, And hoho, after 30 years, there won’t be left lot and rio Tinto is not stupid and they will grab as much as possible. Unrenewable resources are sooo easy to get empy. It wouldbe sooner! Example of Boroo Gold. Made same waiting period until share with percentage. “Boroo Gold” mine held by “Ivanhoe Mines” emptied the resource before the sharing peroid satrted…hehe, mongolians-never learning people, sad story of one whole nation…
300 is only a price of one big house with Swimming pool in Western countries… Is is so much money in Mongolia?! Probabaly mongolians cannot imagine how much worth would Be the gold they are looooooooosing…. OMG! How can they accept such insult!!!
)))))) And in Germay this August, a family won that much money in lotto, does it mean that they can buy the biggest mining resource on the earth with that money for 30 years for free. I am agree, this is sad story 
The politicions have no EGO?! I would fee sooo bad if I were Mongolian. Probably they should go abroad and see the money is easily win bey someone by LOTTO
Money for Vodka!
Hey, stop, don’t realize them that they are losing, they may attact us like Tschingsis Khan did…
They should learn to calculate… indeed it is a money for a house.