Government approval validates investment agreement - News.MN

Government approval validates investment agreement

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Old News! Published on: 2010.04.02

Government approval validates investment agreement

News.MN
News.MN
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The Government’s approval of the feasibility study yesterday has come six days before the date scheduled for the agreement to take full effect. Minister for Nature, Environment and Tourism L.Gansukh, Minister for Finance S.Bayartsogt and Minister for Minerals and Energy D.Zorigt, the three who led the Mongolian team during the protracted negotiations with the investors, see the approval as the last step in the formal validation of the agreement.



Oyutolgoi is the fifth largest copper deposit in the world, with presently estimated reserves of 44 million tons which is likely to take a minimum of 100 years to be fully mined.



Following his long interview reported yesterday, Minister for Finance S.Bayartsogt told journalists after announcing the approval that a lot of misleading information was being peddled by people opposed to the project.  Detailing the benefits to Mongolia, he said the project will create 3,000-4,000 jobs directly, and about 10,000 more indirectly. MNT40 trillion will enter the economy.   Mongolia will take 53 percent of the revenue in total.



He reiterated that no Parliament protocol has been violated. The dissenting MPs did not seek any clarification from the Government but has asked the Speaker to consider a discussion in Parliament. “I will give a clearer explanation if the Speaker asks the Standing Committee on Security and Foreign Policy to discuss the MPs’ reservations,” he said.    



He referred to the rising strength of the MNT against the USD and said the trend is likely to continue. This will mean more gain for Mongolia.



The Representative Administration Board of the company will have nine members, three of them appointed by the Government Property Bureau. These representatives of Mongolian interests will have to be fluent in English to actively participate in meetings.

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