PM Ch.Saikhanbileg has concluded his official visit to UEA and came back to Mongolia yesterday evening. During the press conference held at the Chinggis Khaan International Airport PM has emphasized that his visit had many positive outcomes, of which the first is the signing of the OT underground development and financing plan in Dubai. The negotiations took place in Ulaanbaatar, Umnugobi aimag, Singapore, London and were concluded in Dubai.
Further, PM have made clarifications that the PM was not the person to sign the agreement, as it was publicizied through the media and said that the representatives of the management of Erdenes Oyu Tolgoi, Turquiose HIll, Rio Tinto and Oyu Tolgoi have signed the agreement and emphasized that now the OT project is not dependent on the politics anymore and is in the hands of the companies involved. Head of the cabinet have announced that the OT project should become one of the leading projects like Erdenet.
During the negotiations both sides have focused on the development of the underground phase of OT and no suggestions to make amendments to the Agreement signed in 2009 were proposed. Another noteworthy news was the decrease in the management costs from 6 percent to 3 percent as both sides came to an agreement.
Moreover, PM mentioned that Mongolian side was enabled to monitor all the costs associated with the OT mine. Underground development agreement states that Mongolia is entitled to 54,9 percent of the yield and provisions no tax disputes. Prime Minister also announced that OT underground development plan agreement to be made public through www.zasag.mn.
PM continued: "After the announcement of the signing of the PT underground agreement many positive impacts have already been seen in the valuations of the Government bonds and bonds issued by Development Bank of Mongolia and Trade and Development Bank, which leads to improved country rating. Project that has been stalled for the last two years has moved and this is the result that GoM was seeking, now we have to put an end to the personal political ambitions and start to do the real work. As OT has moved the next step will be Tavantolgoi."
Prime Minister Ch.Saikhanbileg also briefed on the outcomes of his visit to UEA.
Prime Minister of Mongolia Ch.Saikhanbileg met with Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates, and emir of Dubai at his palace during the official visit to UAE.
PM Ch.Saikhanbileg has emphasized that the current visit has opened up many opportunities such as establishment of the wealth funds to support the development in Mongolia and cooperation of the business sector representatives of both countries. Moreover, PM Ch.Saikhanbileg proposed on possible investments in industrial sector, infrastructure development and energy sectors and requested to review the cooperation opportunities as well.
PMs have discussed on the possible direct flights from UB to Dubai, agreements on investment protection and double taxation. Another agreement was on establishing the embassies in both countries.
During the meeting with Khalifa bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi and Mohammed bin Rashid Al Maktoum, Prime Minister of UAE and Ruler of Dubai, Mansour bin Zayed bin Sultan bin Zayed bin Khalifa Al Nahyan the sides have agreed on cooperation in strengthening the police forces and defense trainings, while the business sector representatives and the Chamber members have expressed their interest in visiting Mongolia.
Further PM Ch.Saikhanbileg mentioned the recent investment flow secured with the visit of Indian Prime Minister Modi, which is the USD 1 billion credit line and added that additional investment sources of USD 6 billion is secured with the signing of the OT underground phase agreement.
While the visit to UEA was concluded with signing of a MOU with CIB Financial Group to establish investment fund in Mongolia to support the development projects in Mongolia. The MOU was signed by Kh.Gantsogt, Secretary General of the Ministry of Finance. PM noted that when Mongolians unite good news are following each other and this is the great example of how Public and Private Partnership can be beneficial for the country's development.
PM Ch.Saikhanbileg has concluded his official visit to UEA and came back to Mongolia yesterday evening. During the press conference held at the Chinggis Khaan International Airport PM has emphasized that his visit had many positive outcomes, of which the first is the signing of the OT underground development and financing plan in Dubai. The negotiations took place in Ulaanbaatar, Umnugobi aimag, Singapore, London and were concluded in Dubai.
Further, PM have made clarifications that the PM was not the person to sign the agreement, as it was publicizied through the media and said that the representatives of the management of Erdenes Oyu Tolgoi, Turquiose HIll, Rio Tinto and Oyu Tolgoi have signed the agreement and emphasized that now the OT project is not dependent on the politics anymore and is in the hands of the companies involved. Head of the cabinet have announced that the OT project should become one of the leading projects like Erdenet.
During the negotiations both sides have focused on the development of the underground phase of OT and no suggestions to make amendments to the Agreement signed in 2009 were proposed. Another noteworthy news was the decrease in the management costs from 6 percent to 3 percent as both sides came to an agreement.
Moreover, PM mentioned that Mongolian side was enabled to monitor all the costs associated with the OT mine. Underground development agreement states that Mongolia is entitled to 54,9 percent of the yield and provisions no tax disputes. Prime Minister also announced that OT underground development plan agreement to be made public through www.zasag.mn.
PM continued: "After the announcement of the signing of the PT underground agreement many positive impacts have already been seen in the valuations of the Government bonds and bonds issued by Development Bank of Mongolia and Trade and Development Bank, which leads to improved country rating. Project that has been stalled for the last two years has moved and this is the result that GoM was seeking, now we have to put an end to the personal political ambitions and start to do the real work. As OT has moved the next step will be Tavantolgoi."
Prime Minister Ch.Saikhanbileg also briefed on the outcomes of his visit to UEA.
Prime Minister of Mongolia Ch.Saikhanbileg met with Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates, and emir of Dubai at his palace during the official visit to UAE.
PM Ch.Saikhanbileg has emphasized that the current visit has opened up many opportunities such as establishment of the wealth funds to support the development in Mongolia and cooperation of the business sector representatives of both countries. Moreover, PM Ch.Saikhanbileg proposed on possible investments in industrial sector, infrastructure development and energy sectors and requested to review the cooperation opportunities as well.
PMs have discussed on the possible direct flights from UB to Dubai, agreements on investment protection and double taxation. Another agreement was on establishing the embassies in both countries.
During the meeting with Khalifa bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi and Mohammed bin Rashid Al Maktoum, Prime Minister of UAE and Ruler of Dubai, Mansour bin Zayed bin Sultan bin Zayed bin Khalifa Al Nahyan the sides have agreed on cooperation in strengthening the police forces and defense trainings, while the business sector representatives and the Chamber members have expressed their interest in visiting Mongolia.
Further PM Ch.Saikhanbileg mentioned the recent investment flow secured with the visit of Indian Prime Minister Modi, which is the USD 1 billion credit line and added that additional investment sources of USD 6 billion is secured with the signing of the OT underground phase agreement.
While the visit to UEA was concluded with signing of a MOU with CIB Financial Group to establish investment fund in Mongolia to support the development projects in Mongolia. The MOU was signed by Kh.Gantsogt, Secretary General of the Ministry of Finance. PM noted that when Mongolians unite good news are following each other and this is the great example of how Public and Private Partnership can be beneficial for the country's development.