Parliament of Mongolia approved respectively 34th and 41st resolutions in 2014 and 2015 in order to accelerate Oyu Tolgoi project’s underground development and provided the guideline to the government, which is assigned to finalize the matter. In regards to the issue, the government’s one of major approaches to overcome economic difficulties is to accelerate Oyu Tolgoi project’s next phase development.
Today’s topic at regular meeting titled “Decision Time” on every Wednesday was about works related to initiate economic circulation of Oyu Tolgoi reserves’ 80 percent.
The meeting attendees are CEO of Erdenes Mongol LLC B.Byambasaikhan and CEO of Erdenes Oyu Tolgoi LLC D.Ganbold, who reported about the underground mine development, financial plan implementation and other facing issues.
List of supply product and services set to be approved by Board of Members and also, local entities will be encouraged to supply their products and services to the company. Moreover, audit and procurement committee will be led by Mongolian side in order to supervise operational costs of Oyu Tolgoi LLC.
At regular Board meeting held in summer of 2015, the management team was founded, in coordination with the investment agreement and shareholders agreement.
The negotiation to finalize the issue of exploitation license owned by Entrée Gold is underway in cooperation with the investor’s side. Particularly, there are options whether to hand over the license to Oyu Tolgoi LLC or 34% of the license to Erdenes Oyu Tolgoi LLC. Ministry of Mining and Mineral Resources Authority are providing assistance in relation to the matter.
The investor side forgoes 2% royalty fee and made an amendment to the financial report accordingly. PM assigned officials to firmly enforce laws on such matters.
PM also assigned officials to make a change in salary amount given to Mongolian representatives in Oyu Tolgoi LLC’s board. CEO of Erdenes Oyu Tolgoi LLC D.Ganbold said: “We regularly give an attention to this matter and address to the other side.” But, the salary of Oyu Tolgoi Board members must be finalized at the shareholders meeting in terms of the rights. The issue has been delayed because of other facing issues being discussed instead. Next time, we will make efforts to get shareholders to finalize the issue at its meeting. It means that Oyu Tolgoi Board members from Mongolia would receive salary adjusted according to regulations of Erdenes Oyu Tolgoi LLC.
CEO of Erdenes Mongol LLC B.Byambasaikhan added: “The cooperation agreement on developing Umnugobi province has been successfully implemented. We have been currently prepared to organize Oyu Tolgoi suppliers forum next week.” PM accordingly assigned officials not to register financial support and aid costs on rural areas as debts.
Last summer, the accounting policies documents were approved at Board of Members and Shareholders meetings. Thus, the sides have constantly discussed the issue. Erdenes Oyu Tolgoi LLC will cooperate on these matters with Oyu Tolgoi LLC, Board of Members, Shareholders and Tax Authority of Mongolia. Regular tax investigation is underway at Oyu Tolgoi LLC. Oyu Tolgoi LLC’s underground development and financial planning have not forced any change into the agreement.
The investor side has moved into the final step of finalizing investment issues in cooperation with international banks and financial organizations.
Finally, Prime Minister assigned officials to accelerate the underground development and to deliver authentic information about the issues to the public.
Press and Media Relations of Government of Mongolia
Parliament of Mongolia approved respectively 34th and 41st resolutions in 2014 and 2015 in order to accelerate Oyu Tolgoi project’s underground development and provided the guideline to the government, which is assigned to finalize the matter. In regards to the issue, the government’s one of major approaches to overcome economic difficulties is to accelerate Oyu Tolgoi project’s next phase development.
Today’s topic at regular meeting titled “Decision Time” on every Wednesday was about works related to initiate economic circulation of Oyu Tolgoi reserves’ 80 percent.
The meeting attendees are CEO of Erdenes Mongol LLC B.Byambasaikhan and CEO of Erdenes Oyu Tolgoi LLC D.Ganbold, who reported about the underground mine development, financial plan implementation and other facing issues.
List of supply product and services set to be approved by Board of Members and also, local entities will be encouraged to supply their products and services to the company. Moreover, audit and procurement committee will be led by Mongolian side in order to supervise operational costs of Oyu Tolgoi LLC.
At regular Board meeting held in summer of 2015, the management team was founded, in coordination with the investment agreement and shareholders agreement.
The negotiation to finalize the issue of exploitation license owned by Entrée Gold is underway in cooperation with the investor’s side. Particularly, there are options whether to hand over the license to Oyu Tolgoi LLC or 34% of the license to Erdenes Oyu Tolgoi LLC. Ministry of Mining and Mineral Resources Authority are providing assistance in relation to the matter.
The investor side forgoes 2% royalty fee and made an amendment to the financial report accordingly. PM assigned officials to firmly enforce laws on such matters.
PM also assigned officials to make a change in salary amount given to Mongolian representatives in Oyu Tolgoi LLC’s board. CEO of Erdenes Oyu Tolgoi LLC D.Ganbold said: “We regularly give an attention to this matter and address to the other side.” But, the salary of Oyu Tolgoi Board members must be finalized at the shareholders meeting in terms of the rights. The issue has been delayed because of other facing issues being discussed instead. Next time, we will make efforts to get shareholders to finalize the issue at its meeting. It means that Oyu Tolgoi Board members from Mongolia would receive salary adjusted according to regulations of Erdenes Oyu Tolgoi LLC.
CEO of Erdenes Mongol LLC B.Byambasaikhan added: “The cooperation agreement on developing Umnugobi province has been successfully implemented. We have been currently prepared to organize Oyu Tolgoi suppliers forum next week.” PM accordingly assigned officials not to register financial support and aid costs on rural areas as debts.
Last summer, the accounting policies documents were approved at Board of Members and Shareholders meetings. Thus, the sides have constantly discussed the issue. Erdenes Oyu Tolgoi LLC will cooperate on these matters with Oyu Tolgoi LLC, Board of Members, Shareholders and Tax Authority of Mongolia. Regular tax investigation is underway at Oyu Tolgoi LLC. Oyu Tolgoi LLC’s underground development and financial planning have not forced any change into the agreement.
The investor side has moved into the final step of finalizing investment issues in cooperation with international banks and financial organizations.
Finally, Prime Minister assigned officials to accelerate the underground development and to deliver authentic information about the issues to the public.
Press and Media Relations of Government of Mongolia