Oyu Tolgoi LLC’s shareholders meeting was held yesterday in Ulaanbaatar. Although there is no official information released yet, the meeting was attended by several Ministers of Mongolian government. Led by Mining Minister D.Gankhuyag, the group included Finance Minister Ch.Ulaan, Economic Development Minister N.Batbayar, and Environment and Green Development Minister S.Oyun.
There were a number of issues the Mongolian side was planning to discuss at the meeting. At the top of the list is the clarification of the reasons for increased investment cost, which created anger and confusion at political level. Also, it is planned that Mongolian government will put pressure on OT LLC in adding national staff to the company’s executive management team, and increase the number of Mongolian suppliers to the mine.
Following the debate at Mongolian parliament in regards to the OT project a few days, Cameron McRae, President and CEO of Oyu Tolgoi LLC, expressed the company’s standing in his statement by saying ‘we remain committed to being transparent and open about our operations and actions’. Also, he expected that these issues would be raised again during the shareholder meeting, and it was the appropriate forum to ensure that the government representatives understand the company’s responses.
BM will update you as soon as official information on the results of the Wednesday meeting becomes available.