Oyu-Tolgoi has generated USD 1.3 billion for the state budget | News.MN - Мэдээллийн эх сурвалж

Oyu-Tolgoi has generated USD 1.3 billion for the state budget

Хуучирсан мэдээ: 2015.12.21-нд нийтлэгдсэн

Oyu-Tolgoi has generated USD 1.3 billion for the state budget

During “Ministers’ Hour” program, Mining Minister R.Jigjid along with the CEO of “Erdenes Mongol”, B.Byambasaikhan, and the CEO of the “Erdenes Oyu-Tolgoi” company Da.Ganbold answered some questions from the media.

-The investment contract of Oyu-Tolgoi underground mining has been signed. Will the dollar rate be reduced, as a result of investment?

R.Jigjid: In 2009-2014, USD 7.9 billion was invested to the Oyu-Tolgoi, and USD 2 billion was traded. Also, Oyu-Tolgoi has generated USD 1.3 billion in tax for the state budget. The contract which has been signed approves investment of USD 4.4 billion. 80% of the gold and copper will be extracted from the underground mine.

B.Byambasaikhan: The construction works of the Oyu –Tolgoi underground mine requires USD 6-7 billion. The financing will come to Mongolia after the beginning of 2016.

-Mongolia owns 34% of Oyu-Tolgoi.  When will Mongolia obtain the benefits? Also, the Mongolain government debt seems like it is becoming endless.

-6400 Mongolian employees work at Oyu-Tolgoi. No project yields short time benefit. Money doesn’t just rain. In a developing country, like Mongolia, the benefits of big projects are noticed progressively. The copper price will stabilize in 2017-2018. The price of the metal, which was USD 10,000, currently stands at USD 4685. The copper price is falling gradually. Of course, the price will never reach a zero US dollar rate. How much do people around the world need copper? It is just a cycle of growth and decline. Therefore, the copper price will increase again in 2018.

 

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hehe 2015-12-21 103.57.95.168

The property is in Mongolia and i believe it is fair to say that the company should employ mostly Mongolians. Providing labor is a service and in exchange people get paid. it is not like the company is giving away money to the Mongolians. We, Mongolians are providing labor force to the project!!!! Employing Mongolians should not be considered as charity or favor to Mongolia or Mongolians. The project needs labor force. Why some say RIO is doing this and that to Mongolia? Rio is a company seeking profit (return on their investment) and labor is one of the musts. Do not insult your partners in this case Mongolians!!!

hehe 2015-12-21 103.57.95.168

Any legal entity that is conducting business on Mongolian soil is obligated to pay taxes. this should not taken as a charity to Mongolia or Mongolian people. After all Mongolia has one of the best tax rates in the world. why we, Mongolians should be happy for what they have to pay according to the law? obviously they are here to make profit. Please stop pretending to be something that you are not. I"m pretty sure most of the investors have made good return on their investments from Mongolia in majority of last decade and now it is very strange to hear all the negatives from them. Do not tell us this happens only in Mongolia! here is your answer B.S