Government recalls TT project draft agreement

Jun 22 • Featured, Government, Mining, News • 5691 Views • No Comments on Government recalls TT project draft agreement

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MP Bayartsogt

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During the Business Summit Mongolia 2015, MP Bayartsogt, Chairman of the Cabinet Secretariat made statement on the currently rejected projects by the SGK.

He said that … “Last week, two major project draft agreements, Law on Economic Transparency and the draft Resolution of the Government on Gatsuurt, that can affect the Mongolian economy was not supported by the Parliament. This doesn’t mean that these projects will be dropped, the Criminal Law has to be adopted first and then the Economy Transparency Law will be proposed again together with draft Law on Criminal Mercy. These laws will allow liberalizing the economy and give a chance to the business people. Realizing 70 tons of gold in Gatsuurt deposit will stabilize the national currency rate. It was said by Mr. Byambasaikhan, CEO of Erdenes Mongol LLC, that the Mongolian Government owns share in 16 deposits; therefore, the Government is planning a new arrangement to swap the share with the royalty fee. This will allow the Government to make single effort to finalize long running endless negotiations with investors.

He further commented that … Tavan Tolgoi means, literally, “Five Hills”. This project draft was developed on two of them, Tsankhi, Ukhaa Khudag. The Government decides to pull back the draft agreement this week and re-propose the elaborated project agreement draft. As result, the remaining 60% of the total project (divided into three other hills) will be realized under the agreement. This issue is also connected with 1300 kms long railway project. The Government is working with the Japanese side to establish even wider cooperation.

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