Shareholders meeting on Oyu Tolgoi rescheduled
OyuTolgoi LLC shareholders` meeting would be organized in the Ministry for Mining, but due to official statement by Minister for Economic Development, N.Batbayar the shareholders` meeting was held between the Government of Mongolia and representatives of Rio Tinto Group in Ikh Tenger complex where representing the Government of Mongolia were Minister for Mining, D.Gankhuyag, Minister for Economic Development, N.Batbayar, Minister for Finance Ch.Ulaan, Minister for Nature, Environment and Green Development, S.Oyun, Executive Director for OyuTolgoi LLC, Ts.Sedvanchig and Rio Tinto group represented by Cameron McRae, President and CEO of OyuTolgoi LLC in Ulaanbaatar at 14.00 pm on Wednesday.
Four ministers representing the Mongolian Government at the meeting raised the following six points to Rio Tinto. These requests are to make clear the conflict of interest between the advisor company and the Mongolian Government on the project Compliance of the terms with Mongolian rule of law; the total cost excess of the project and realization of feasibility study; the exploration license owned by Entrée Gold and the management service charge and respect of Mongolian laws. In return investors suggested to get back the 250 million US dollar that the Mongolian Government had borrowed in advance for the project and next investment of the project.
The shareholders meeting that started on Wednesday continued for the second day after a break.
Shareholders agreed to continue the meeting after Tsagaan sar in late February.
Both side reached the decision to clear up every aspect of the project.
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