The Government of Mongolia, Erdenes Oyu Tolgoi, Turquoise Hill Resources and Rio Tinto have today signed the “Oyu Tolgoi Underground Mine Development and Financing Plan”, under which they agreed to move forward with developing and exploiting the underground resources of this extraordinary deposit. 

Mongolia is Open for Business

1.  The Oyu Tolgoi Project has already unlocked tremendous value for Mongolia in the form of investment inflows, job creation and the introduction of international technical, environmental, managerial and accounting standards within the workforce and among its suppliers.

2.  The Oyu Tolgoi Project has allowed the Government of Mongolia to gain valuable experience in dealing with foreign investors and managing the county’s strategic assets. There is no doubt that moving forward with the Oyu Tolgoi Project will improve the investment climate in Mongolia. Mongolia is now well positioned to attract and welcome new flows of foreign capital into its economy. The Government is confident that Mongolia will quickly regain its position as one of the fastest growing economies globally.

Mongolia Reaches out to the World

1.  Continued development of the Oyu Tolgoi Project is of great national significance for Mongolia.  The project is expected to raise the largest ever round of project financing in the mining industry in the world. This will reignite growth in Mongolia’s mining industry.

2.  Developing and managing such a significant project with Rio Tinto as an international partner will bring systemic improvement in processes, procedures and co-ordination, which will benefit other foreign investors.

Dynamic Leadership at All Levels

1.  The process of reaching this agreement today with Rio Tinto demonstrated the cooperative spirit of all parties involved, as well as adherence to laws and contracts that are in place. We believe this agreement is a fair outcome, and reflects a concerted effort by all to resolve key project issues and prevent future disputes from arising. We have reinvigorated our relationship with our partners, based on mutual trust and a shared long-term commitment to the prosperity of the Mongolian citizens.

2.  We are proud that the Government of Mongolia has displayed leadership at all levels a constructive manner throughout the process. From the Government agencies to Erdenes Oyu Tolgoi, the Oyu Tolgoi shareholder, all have strived to implement international standards of business practice.

In summary, this agreement will have a significant impact on the Mongolian economy, which will benefit Mongolian citizens for generations to come.  It shows our commitment to make Mongolia an attractive country for investment. Mongolia is open for business.