Mongolia Says Oyu Tolgoi Shareholders’ Meet Date Yet to Be SetMichael Kohn
A shareholders’ meeting to resolve disputes that are holding up construction funding of Mongolia’s $6.6 billion Oyu Tolgoi copper and gold mine is yet to be set, Mining Minister Davaajav Gankhuyag said today.
Mongolia’s state-owned news agency Montsame reported on March 14 that a meeting will take place on March 20, citing Minister of Economic Development Nyamjav Batbayar.
The mine is currently operating on a month-to-month budget with funds from Rio Tinto Group, which owns 66 percent of the project through its Turquoise Hill Resources Ltd. unit. Mongolia owns the rest.
Tax dues and cost overruns are among issues that remain in dispute, Gankhuyag said at a press conference in Ulan Bator.
The government alleges that the project has gone 40 percent over budget, while Rio Tinto says the figure is closer to 18 percent. Mongolia says it will only approve the 2013 budget when it sees a complete feasibility study for phase two of the project.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Uber Victim Stepped Suddenly in Front of Self-Driving Car
- Cambridge Analytica's Board Suspends CEO Nix Amid Inquiry
- How Facebook Made Its Cambridge Analytica Data Crisis Even Worse
- Apple Is Secretly Developing Its Own Screens for the First Time
- Facebook Sued by Investors Over Voter-Profile Harvesting