Last month, when 3 board members of OT LLC which represents Mongolian government flew to London to discuss OT related issues. Mongolian side had put 22 issues on the table, and Rio Tinto had 8 issues. Out of the overall 30 issues, on half of the issues it had reached a common understanding and the remaining 15 will be discussed in back home, in Mongolia.
The most interesting agreement to reach was the OT deposit related licenses will be transferred to OT LLC which are the 2 licenses that Entree Gold Inc. currently holds. These licenses were one of the biggest disputes over the deposit, as we mentioned in the earlier posts. Board member Otgochuluu Ch. stated that it will bring USD1.4 billion in revenues to OT LLC.
Three working groups will be established in order to resolve feasibility study, cost overrun, and underground development and expansions issues from next week. Temuulen Ganzorig, Deputy Director of Erdenes MGL LLC mentioned that he and his colleagues working day and night to get over the misunderstandings.
We will update our readers in due course.