On October 6, the Government of Mongolia, Rio Tinto and Ivanhoe Mines issued a joint statement that concludes discussions on the Oyu Tolgoi Investment Agreement. All parties confirm that the Investment Agreement was signed in full compliance with Mongolian law, including Resolution 57, passed by the Mongolian Parliament in July 2009.
The Government of Mongolia and Oyu Tolgoi reaffirmed the Investment Agreement as a binding contract on all parties and recognized the significant benefits that the Agreement is producing for the people of Mongolia.
In light of global economic instability, all parties recognize that the timely completion of Oyu Tolgoi is essential to protect Mongolia’s economy from recession.
Confidence in Mongolia’s investment climate is a precondition to encourage economic growth.
Oyu Tolgoi Investors reaffirm their obligations to fulfill the agreed upon investments in economic and community infrastructure. By funding the largest infrastructure program in Mongolia, OT will build a paved road to the Gashuun Checkpoint, an international standard airport, water and power distribution systems, and vocational training facilities in five cities throughout Mongolia.
Oyu Tolgoi will continue to work with South Gobi and soum authorities to diversify the economy and grow Mongolian businesses.OT’s ‘Mongolian First’ program will continue procurement policies that benefit local suppliers and expand the capacity of Mongolian businesses.
Rio Tinto, as the manager of the project, specifically affirms the central importance of training and promoting Mongolians in OT and related enterprises. With the goal of 90 percent Mongolian participation,investments in training, scholarships to Mongolian and overseas institutions, internships and postings in Rio Tinto global businesses, will quickly prepare Mongolians for leadership.
The Government of Mongolia, Ivanhoe Mines and Rio Tinto pledge continued cooperation to bring OyuTolgoi into production.All parties further pledge to work together to inform the Mongolian public on the progress of OyuTolgoi and the benefits it provides for the economy and people of Mongolia.