Turquoise Hill Resources Ltd. (NYSE:TRQ,TSX:TRQ) reported that Oyu Tolgoi has signed a power sector cooperation agreement with the Government of Mongolia. The agreement is for the exploration of a Tavan Tolgoi-based independent power producer.
As quoted in the press release:
The agreement lays out a framework for long-term strategic cooperation between the Mongolian Government and Oyu Tolgoi to deliver a comprehensive energy plan for the South Gobi region. Participation in the agreement meets Oyu Tolgoi’s obligation in the Investment Agreement to establish a long-term power supply within Mongolia four years from the commencement of commercial production.
Turquoise Hill CEO, Kay Priestly, said:
The cooperation agreement is an important opportunity for Oyu Tolgoi to work with the Government toward developing sustainable solutions to secure a long term, economic power supply from Mongolia.