Three board members of Oyu Tolgoi LLC representing the Mongolian Government have gone to London for talks with the investors of Rio Tinto over the dispute over the cost of the massive project. The representatives of the Mongolian Government on the Oyu Tolgoi Board are Ganzorig Temuulen, Deputy Director of the parent company Erdenes MGL LLC, Davaadorj Ganbold, the Executive Director of the project partner Erdenes Oyu Tolgoi LLC and Chuluuntseren Otgochuluu, the Director-General of the Ministry of Mining’s Department of Strategic Policy and Planning.

The negotiation between Mongolian officials and Rio Tinto representatives took place in the headquarter of Rio Tinto in London last Sunday according to local reports. Official sources say the negotiation was held with a positive atmosphere and the parties united their stance over the start of the underground portion of the mine.

The Mongolian Government, the holder of 34 percent of the OyuTolgoi deposit raised questions over the huge project with the project developer Rio Tinto, holder of 66 percent, including questions about the cost of the project overrunning the planned feasibility study as well taxes and the right to a royalty stream from the project.

The start of underground portion of the mine will depend on the results of the negotiation.

The three board members representing the Mongolian Governments will return next week.