S.Bayartsogt: Oyutolgoi agreement to be modified
Twenty MPs have demanded changes in the Oyutolgoi mining agreement to give the state a bigger share of the proceeds. Our correspondent asked Finance Minister S.Bayartsogt about possible changes in the agreement.
The Minister said the agreement was concluded in August 2009, but now the Standing Committee on Security and Foreign Policy is discussing possible changes in the terms and length of the agreement.
Bayartsogt said that taxes on royalties are currently not being paid under the agreement because the agreement was concluded before that tax was imposed.
He went on to say that two provisions of the Oyutolgoi investment contract would be changed and that talks are continuing. He agreed that stability is important in the mining sector, and that there are also social and environmental issues to consider.
The Minister said the agreement was concluded in August 2009, but now the Standing Committee on Security and Foreign Policy is discussing possible changes in the terms and length of the agreement.
Bayartsogt said that taxes on royalties are currently not being paid under the agreement because the agreement was concluded before that tax was imposed.
He went on to say that two provisions of the Oyutolgoi investment contract would be changed and that talks are continuing. He agreed that stability is important in the mining sector, and that there are also social and environmental issues to consider.
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