At the regular meeting on Monday, the cabinet resolved that the Mongolian government will own 10 percent of a copper concentrate smelting and refining plant without having to make investments and free of payments. Government authority in the plant will be exercised by the Ministry of Industry.
The cabinet also assigned the Minister of Industry D.Erdenebat to organize a tender for selecting investor in the copper smelter and refinery this July and report the results within the fourth quarter of 2016.
In accordance with the Oyu Tolgoi Investment Agreement, the Minister is also authorized to sign a Memorandum of Understanding with the Oyu Tolgoi LLC on commencing economic potential survey for building the copper smelter-refinery in Mongolia and on completing its feasibility studies.
By owning 10 percent of this plant, the Government will be able to provide policy supervision and regulations, as well as favorable legal environment and sustainability for the operations of the plant.
Also, it is expected to attract more investment to the copper smelting and refining industry, improve competitiveness, facilitate implementations of simultaneous projects on processing the by-products of copper plants, sulfuric acid, and on producing finished products from them, and eventually, contribute in building chemical industries in Mongolia by promoting domestic consumption of sulfuric acid.
At the regular meeting on Monday, the cabinet resolved that the Mongolian government will own 10 percent of a copper concentrate smelting and refining plant without having to make investments and free of payments. Government authority in the plant will be exercised by the Ministry of Industry.
The cabinet also assigned the Minister of Industry D.Erdenebat to organize a tender for selecting investor in the copper smelter and refinery this July and report the results within the fourth quarter of 2016.
In accordance with the Oyu Tolgoi Investment Agreement, the Minister is also authorized to sign a Memorandum of Understanding with the Oyu Tolgoi LLC on commencing economic potential survey for building the copper smelter-refinery in Mongolia and on completing its feasibility studies.
By owning 10 percent of this plant, the Government will be able to provide policy supervision and regulations, as well as favorable legal environment and sustainability for the operations of the plant.
Also, it is expected to attract more investment to the copper smelting and refining industry, improve competitiveness, facilitate implementations of simultaneous projects on processing the by-products of copper plants, sulfuric acid, and on producing finished products from them, and eventually, contribute in building chemical industries in Mongolia by promoting domestic consumption of sulfuric acid.