Prime Minister N.Uchral announced on his official website today that Mongolia has secured its first major result in the Oyu Tolgoi agreement.
He said that as a result of negotiations with the Rio Tinto Group, the working group led by the Minister of Industry and Mineral Resources has reached an agreement to halve Oyu Tolgoi management fees and eliminate duplicate payments.
According to the Prime Minister, the agreement will reduce payment costs by USD 2.2 billion and increase the benefits Mongolia receives by USD 1.5 billion. The outcome is also positive for investors, noting that it reflects Mongolia’s ability to protect its interests and negotiate with investors on equal footing.
Prime Minister N.Uchral announced on his official website today that Mongolia has secured its first major result in the Oyu Tolgoi agreement.
He said that as a result of negotiations with the Rio Tinto Group, the working group led by the Minister of Industry and Mineral Resources has reached an agreement to halve Oyu Tolgoi management fees and eliminate duplicate payments.
According to the Prime Minister, the agreement will reduce payment costs by USD 2.2 billion and increase the benefits Mongolia receives by USD 1.5 billion. The outcome is also positive for investors, noting that it reflects Mongolia’s ability to protect its interests and negotiate with investors on equal footing.