A published report says Ivanhoe Mines Ltd. and Rio Tinto Group have rejected the Mongolian government’s request to renegotiate the Oyutolgoi investment agreement. Bloomberg News also reports that the companies are warning Mongolia that renegotiating the two-year-old agreement would undermine investor confidence in the country.

In a statement released by Ivanhoe on Monday, the companies say they want the Mongolian government to honor the original 2009 agreement. The government has said it would like to see its stake in the project increased from 34 percent to a stake of 50 percent.

Mineral Resources and Energy Minister D.Zorigt told Bloomberg on Tuesday that he had not seen the statement. “We will respond officially in due time,” he said.