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Draft resolution to increase benefits to Mongolia from Oyu Tolgoi project approved www.montsame.mn
At the plenary meeting of the State Great Khural (Parliament) today, December 30, the resolution on Measures to be taken to ensure the benefits to Mongolia from Oyu Tolgoi gold-copper mine has been approved.
Following measures reflected in the resolution:
- To write off Mongolia's USD 2.3 billion-debt for its share (34 percent) in the Oyu Tolgoi copper-gold project.
- To terminate the Oyu Tolgoi Underground Mine Development and Financing Plan, known as ‘Dubai Agreement’ and conduct an independent audit into the financing of the project's underground expansion;
- The costs required until the first half of 2023, when the underground mine is commissioned, shall be covered by the investors, not incurring additional debts to Erdenes Oyu Tolgoi LLC;
- To supply electricity for Oyu Tolgoi project from the energy grid of Mongolia
- To ensure the implementation of tax acts
The majority of MPs who attended the plenary session have supported two proposals: to not incur additional debts to Erdenes Oyu Tolgoi LLC, and not receive additional loan from shareholders of Oyu Tolgoi LLC and third parties. The Temporary committee in charge of taking control on the implementation of the parliamentary resolution No.92 dated November 21, 2019, on ‘Ensuring the interests of Mongolia in the exploitation of the Oyu Tolgoi gold-copper mine’, has submitted the two proposals.
The draft resolution has been approved with the support of 74.1 percent of the attended MPs.
Published Date:2021-12-31
