An official brief summary regarding the Oyu Tolgoi LLC shareholders’ meeting presented by Minister for Mining D.Gankhuyag, Minister for Economic Development N.Batbayar, Minister for Finance Ch.Ulaan, and Minister for Nature, Environment and Green Development S.Oyun today.
Minister for Mining D.Gankhuyag noted, at the initiation of the Government of Mongolia the shareholders’ meeting has started yesterday, where parties have exchanged mutual views regarding the Oyu Tolgoi project. On behalf of Mongolia, we have proposed 6 main issues and 13 questions to the Oyu Tolgoi Board of Members to discuss within the meeting. It includes; conflict of interest issue on Consultant company, which worked for Mongolian Government, some provisions, which breach Mongolian law, the cost of Oyu Tolgoi project has been jumped 16% to $6.6 bln, the license owned by Entrée Gold, to clarification of management fees.
Oyu Tolgoi LLC proposed only 2 issues – when to get back the invested 250 million USD prepayment, and when to finance the next investments.
The parties have agreed to resolve the issues based on scientific research and narrow estimations. Though, Mongolia and Rio Tinto Group should collaborate by the means of mutual understandings, and the shareholders’ meeting will be continuing following the Tsagaan Sar Holiday.