Prime Minister G.Zandanshatar held a virtual meeting on Tuesday with Katie Jackson, Chief Executive of the Copper Division of the Rio Tinto company, to discuss measures to increase Mongolia’s benefits from the Oyu Tolgoi project.
The two sides said negotiations on reducing interest rates and management fees for the project have progressed successfully and have reached an agreement in principle. Both parties stressed the importance of turning those negotiations into concrete, verifiable outcomes.
The Prime Minister also made clear that the issue of cutting the loan interest rate should be handled separately from questions about the special licence of Ontre LLC. He added that appointing a Mongolian citizen as CEO of Oyu Tolgoi would be an important step toward ensuring the Mongolian state’s interests are fully represented in the company’s management.
Katie Jackson signalled Rio Tinto’s willingness to cooperate closely with the Prime Minister to implement the proposals and move the negotiations forward. Further talks and technical work are expected as both sides work to finalise the agreement.
Prime Minister G.Zandanshatar held a virtual meeting on Tuesday with Katie Jackson, Chief Executive of the Copper Division of the Rio Tinto company, to discuss measures to increase Mongolia’s benefits from the Oyu Tolgoi project.
The two sides said negotiations on reducing interest rates and management fees for the project have progressed successfully and have reached an agreement in principle. Both parties stressed the importance of turning those negotiations into concrete, verifiable outcomes.
The Prime Minister also made clear that the issue of cutting the loan interest rate should be handled separately from questions about the special licence of Ontre LLC. He added that appointing a Mongolian citizen as CEO of Oyu Tolgoi would be an important step toward ensuring the Mongolian state’s interests are fully represented in the company’s management.
Katie Jackson signalled Rio Tinto’s willingness to cooperate closely with the Prime Minister to implement the proposals and move the negotiations forward. Further talks and technical work are expected as both sides work to finalise the agreement.