Turquoise Spurns Mongolian Request To Renegotiate Oyu Tolgoi Agreement
(RTTNews.com) - Turquoise Hill Resources (TRQ, TRQ.TO) said Monday that, together with Rio Tinto Plc (RIO, RIO.L, RTPPF.PK) and Oyu Tolgoi LLC, it has rejected a request from the Government of Mongolia to renegotiate the Oyu Tolgoi Investment Agreement.
This follows a letter from the Minister of Mining requesting the parties to renegotiate the landmark agreement that was signed in October 2009 and became fully effective in March 2010.
As recently as October 2011, the Mongolian Government reaffirmed that the Investment Agreement was signed in full compliance with all laws and regulations of Mongolia.
Kay Priestly, CEO of Turquoise Hill, said, "The Investment Agreement is mutually beneficial for the Mongolian Government and investors. We have invested nearly US$6 billion, created thousands of jobs for Mongolians and are on the verge of production based on the Investment Agreement, which provides a stable legal framework and is a legally-binding document. The Investment Agreement has been fundamental in building Mongolia's reputation as an increasingly reliable and secure destination for foreign investment."
For comments and feedback: contact editorial@rttnews.com
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This follows a letter from the Minister of Mining requesting the parties to renegotiate the landmark agreement that was signed in October 2009 and became fully effective in March 2010.
As recently as October 2011, the Mongolian Government reaffirmed that the Investment Agreement was signed in full compliance with all laws and regulations of Mongolia.
Kay Priestly, CEO of Turquoise Hill, said, "The Investment Agreement is mutually beneficial for the Mongolian Government and investors. We have invested nearly US$6 billion, created thousands of jobs for Mongolians and are on the verge of production based on the Investment Agreement, which provides a stable legal framework and is a legally-binding document. The Investment Agreement has been fundamental in building Mongolia's reputation as an increasingly reliable and secure destination for foreign investment."
For comments and feedback: contact editorial@rttnews.com
http://www.rttnews.com
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