Oyu Tolgoi's Board of Directors will hold a meeting to discuss the new feasibility study of the underground expansion of the Oyu Tolgoi project on October 2^nd.

Mining Minister D.Gankhuyag commented, "After the feasibility study of the underground expansion of Oyu Tolgoi is discussed by Oyu Tolgoi's Board of Directors, the Mongolian Minerals Resource Council will also review it. Efforts will be made to have the feasibility study discussed."

In addition, the Tax Dispute Settlement Council of the General Department of National Taxation issued a decision to cut the disputed 130 million USD in taxes that Oyu Tolgoi was directed to pay to Mongolia to 30 million USD.

Mining Minister D.Gankhuyag commented on the 100 million USD tax cut for Oyu Tolgoi LLC:  "Mongolia owns 34 percent of Oyu Tolgoi, but it is inappropriate to intervene in the  company's internal issues. Both the Mining Ministry and the Government of Mongolia avoid intervening in state-owned and private companies' internal issues. Numerous issues were raised related to taxes. Therefore, the Tax Dispute Settlement Council drew a conclusion consulting with independent parties from both sides of the argument."