Mongolian official promises to change investment deal with Canadian mining giant
ULAN BATOR, Oct 26, 2012 (Xinhua via COMTEX) -- Mongolian Mining Minister D.Ganhuyag on Friday said the ministry will work hard until the the Oyu Tolgoi (OT) investment agreement is changed, promising that he would resign if he failed.
The government has delivered written petitions on the agreement renegotiation to Rio Tinto, a major stake holder of the Canadian mining giant Turquoise Hill Resources, for three times and had a face to face meeting with them intending to renegotiate the deal, D. Ganhuyag told a press conference.
According to the agreement signed in October 2009, Turquoise Hill obtains 66 percent shares of the Oyu Tolgoi copper-gold mine, one of the world's largest of its kind, and the Mongolian government owns the remaining 34 percent.
As the Oyu Tolgoi mine contains one of the world's biggest copper-gold deposits, there has been widespread scepticism as to whether the OT investment deal is favorable for Mongolia.
According to a preliminary exploration, the mine contains more than 31 million tons of copper, some 1,328 tons of gold and about 7,000 tons of silver.
The government has delivered written petitions on the agreement renegotiation to Rio Tinto, a major stake holder of the Canadian mining giant Turquoise Hill Resources, for three times and had a face to face meeting with them intending to renegotiate the deal, D. Ganhuyag told a press conference.
According to the agreement signed in October 2009, Turquoise Hill obtains 66 percent shares of the Oyu Tolgoi copper-gold mine, one of the world's largest of its kind, and the Mongolian government owns the remaining 34 percent.
As the Oyu Tolgoi mine contains one of the world's biggest copper-gold deposits, there has been widespread scepticism as to whether the OT investment deal is favorable for Mongolia.
According to a preliminary exploration, the mine contains more than 31 million tons of copper, some 1,328 tons of gold and about 7,000 tons of silver.
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