Mongolia and Rio Tinto Group made progress in resolving project financing and other disputes stalling the expansion of the 6.6 billion US dollar Oyu Tolgoi copper mine. One of the three Mongolian nationals on the Oyu Tolgoi board said that further negotiations will take place in Ulaanbaatar on October 7^th.

The press conference was held by Ganzorig Temuulen, Deputy Director of the parent company, Erdenes MGL LLC, and Chuluuntseren Otgochuluu, the Director-General of the Ministry of Mining’s Department of Strategic Policy and Planning.
According to Otgonchuluun,
“The Mongolian Government raised 22 different points of dispute regarding the project, which you know are the issues which were presented to Parliament. Rio Tinto suggested eight issues in return. Rio Tinto and ourselves, as representatives of the Government of Mongolia, have agreed on 15 of the 30 issues presented over the massive Oyu Tolgoi project with Rio Tinto.
Representatives of Rio Tinto and the Mongolian Government discussed and agreed to transfer the special licenses of the Oyu Tolgoi group of deposits to Oyu Tolgoi LLC and let the Mongolian Government hold 34 percent of the total licensed area.”