The re-negotiation on the Oyu Tolgoi project between shareholders is scheduled to happen in Ulaanbaatar city today. But Oyu Tolgoi LLC refused to give any information about the whereabouts or when the re-negotiation will be held but promised to make a statement after the meeting.

Though investors said this is a regular meeting between shareholders, the Mongolian Government, owner of 34 percent stake of the project, is expected to put weight on other shareholders during the meeting. The total project cost increase sparked anger among Mongolians. There has been a heated debate about the ill-founded Oyu Tolgoi Investment Agreement since it was signed in 2009.

Oyu Tolgoi LLC expressed its standing on the current situation citing Cameron McRae`s statement that it is “an issue previously discussed often by investors of Oyutolgoi LLC. The Mongolian Government and related state agencies reviewed it once in a parliament meeting. We run our activities in an open and transparent manner. We will discuss the issue once again in the shareholders meeting on Wednesday. We hope this meeting will form a mutual understanding and the Mongolian Government will hear our opinion.

Mongolian economists, former politicians and professionals have claimed the Oyu Tolgoi Investment Agreement went wrong and have urged the agreement to be reviewed by demonstrating and opposing it since it was signed in 2009. A group of MPs delivered a petition to the Prime Minister insisting on changes to the Oyu Tolgoi Investment Agreement in September, but Oyu Tolgoi LLC refused.