PM:"OT IS SETTLED, NOW IT IS TIME TO FORWARD TAVAN TOLGOI PROJECT"

Ulaanbaatar /MONTSAME/ After returning home on May 21 from a working visit in the United Arab Emirates, the Prime Minister Ch.Saikhanbileg called a press conference and made a statement about the results of this visit and the signed Oyu Tolgoi Underground Mine Development Plan. "The visit has brought us a grip full of success. The Oyu Tolgoi Underground Mine Development and Finance Plan has been signed in Dubai. Preceding it negotiations had taken place in Ulaanbaatar, Omnogovi province, Singapore and Dubai. The news about this milestone has been spreading rapidly worldwide," he said. The Underground Mine Development Plan was signed by Erdenes Oyu Tolgoi state-owned company, Turquoise Hill Resources Co.Ltd., Rio Tinto and Oyu Tolgoi LLC, "from now on, the OT project is not a matter of politics. It should be forwarded in the same way the Erdenet project was", noted the head of Government. He also gave some details about the underground mine development plan’s signing. "Firstly, the established in 2009 agreement has not been changed, for the sides did not touch upon this matter. Secondly, it has been agreed to decrease from six percent to three percent the management costs throughout the seven years of the mine's development, Thirdly, Mongolian side can now monitor over all expenses regarding the mine. Fourthly, the Mongolian side will take 54.9 percent of the yield of the project, no taxes problems will arise," he said, adding that the plan will be uploaded on the "zasag.mn" website. Another achievement is that the economic evaluations such as Government Bond ratings, interest rates of Mongolia's Development Bank (DB) and Trade Development Bank have been increasing right after the signing of the document, he said. "The project that was in stagnation for two years has got finally a possibility to move forward. As the Prime Minister of Mongolia, I can assure you that such results are fully in line with the interests of the country," he stressed. Now that the OT issue has been settled, the Government together with the State Great Khural will work on launching the Tavan Tolgoi project, stated the Prime Minister.