Oyu Tolgoi contributed 1.3 billion USD to state budget

Economy | Mining
2016-01-12 16:32:55

Ulaanbaatar /MONTSAME/ Oyu Tolgoi open pit and concentrate plant operations made 1.3 billion USD contribution to the State Budget in 2009-2014, according to the press release “Transparent Mining” of Ministry of Mining late December. The open pit was commissioned in 2009, the concentrate plant opened in 2013.

In the same period of time, investment of 7.9 billion USD and sales of 2.0 billion USD were made. Oyu Tolgoi LLC, Rio Tinto and Turquoise Hill Resources signed a finance agreement, securing 4.4 billion USD investment for underground mine development for Oyu Tolgoi project. “Mongolian side has to satisfy the domestic laws and regulations while religiously pursuing investment and shareholder agreements, and focus on not repeating the previous misunderstandings on the project implementation. Efforts should also be put on promoting local development, increasing a number of workplaces, capacity building and promoting the operations of national companies”, said the officials of Ministry of Mining.