Kh.Nyambaatar, the Minister of Justice and Domestic Affair and the head of a working group representing the Mongolian Government on the negotiation with “Rio Tinto”, called a press meeting friday over the shareholders’ dispute of “Turquoise Hill Resource” that has caught global attention recently. He informed that the Cabinet is working with the U.S and U.K sides regarding the rise in investment costs of the “Oyu Tolgoi” project. Sides are currently exchanging information according to the minister.
International financial and business media, such as The Australian Financial Review and Financial Times, published news articles regarding the on-going legal dispute between “Rio Tinto” and small shareholders of “Turquoise Hill Resource” yesterday on March 25. This will certainly have an impact on the negotiation between the Mongolian Government and “Rio Tinto”
“The Government’s working group responsible for implementing the 92nd resolution of the Parliament is expected to initiate negotiation next week with the representatives of “Rio Tinto'' group that are visiting Mongolia. At the same time, the escalated investment cost of “Oyu Tolgoi'' is intensifying at the U.S court. The review of independent analysts will be released in June. The inspections of respective regulatories bodies are being carried out in the U.S and U.K. As such, we do see some positive news that allows for a favorable decision on our side. If the investment cost is proven to have increased due to irresponsible actions of “Rio Tinto'', an investor and project implementer for the underground development of “Oyu Tolgoi”, the Government of Mongolia will step to the next phase of negotiation with the investors on the basis of legal obligations,” informed Kh.Nyambaatar, the head of working group.
The draft guidelines have been prepared for the working group responsible for implementing the 92nd resolution of the Parliament to carry out negotiations with the representatives of “Rio Tinto'' in three phases. The first phase will cover the termination of the Oyu Tolgoi Underground Mine Development and Financing Plan, known as the “Dubai Deal''. As for the second phase, the Mongolian Government turned to the London Court of International Arbitration and dragged the “Rio Tinto'' group as a defendant. The negotiation in this stage will deal with the legal dispute and the gap of understanding regarding tax issues. Thirdly, sides approved a total of 15 agreements since the establishment of the Investment Agreement of 2009. The Mongolian side is planning to revise these agreements to ensure the implementation of the 92nd resolution of the Parliament, highlighted the Minister of Justice and Domestic Affairs Kh.Nyambaatar.
But these will have to be finalized by the Cabinet’s meeting and the minister is planning to call an irregular meeting of the Cabinet earlier next week.
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