Oyu Tolgoi President and CEO Cameron McRae told reporters at a press briefing for the Mongolian media yesterday that the company is on the verge of commissioning the Refinery at the Oyu Tolgoi copper and gold project in Khanbogd soum in Umnugobi province, some 600 km from the Mongolian capital of Ulaanbaatar. He continues that stable partnership between the Government of Mongolia and third-neighbor investors as well as the contribution of some 15 thousand workers from 44 nations around the world including hundreds of the Mongolian supplier companies were important in achievement of building the first phase of the Oyu Tolgoi project.
According to Mr.McRae, the first concentrate would be produced in the first quarter of 2013 and the commercial production of copper concentrate is expected in the first half of next year” said at the press conference for Mongolian media.
The ceremony of launching the OT Refinery is to be held on the 27th December 2012 at the mine site, and it will be attended by representatives of the Oyu Tolgoi investors, Board of Directors of Oyu Tolgoi LLC and Mongolian State and Government representative headed by the Prime Minister.
Oyu Tolgoi LLC is Mongolia’s largest copper and gold mining company and is a strategic partnership between the Government of Mongolia (34 per cent stake), Turquoise Hill Resources (66 per cent) and Rio Tinto. Rio Tinto is the major shareholder in Turquoise Hill Resources and the manager of the Oyu Tolgoi project. In addition to dividends from its 34 per cent stake in Oyu Tolgoi, the Government of Mongolia will receive taxes and royalties.