Armando Torres, CEO of Oyu Tolgoi LLC delivered the keynote speech at the Discover Mongolia Forum 2018, today. Speaking at Discover Mongolia 2018, where Oyu Tolgoi is a Platinum Sponsor, Mr. Torres reflected on his two years at Oyu Tolgoi and spoke of his pride in the company’s success.
He shared his personal story and noted that Oyu Tolgoi is his career highlight, saying:
“Oyu Tolgoi today has a workforce – including employees and contractors – of more than 16,000, of whom over 93% are talented, capable, world-class Mongolian professionals. Taken together we are an army of over 45,000 people that contribute in ways big and small to build Oyu Tolgoi into a global mining champion. I am proud to say that we are one of the safest mines among our global peers, with our operation winning the prestigious Rio Tinto Chief Executive Safety Award for 2017.”
Mr. Torres also highlighted the bigger picture of Oyu Tolgoi’s contribution:
“Oyu Tolgoi is among the biggest – if not THE biggest – single investment in the history of the mining industry anywhere in the world. Since 2010, we have paid US$1.6 billion in taxes, fees and payments to the Government of Mongolia. All in, we have spent over US$8 billion in Mongolia in the development and operation of Oyu Tolgoi – an amount three times greater Mongolia’s total tax revenue in 2017.”
Reflecting on the result of the ‘Made in Mongolia’ strategy Oyu Tolgoi is implementing in its procurement practices, he said:
“Within the scope of this strategy we are now buying our grinding balls, radio tags, lime, uniforms, concentrate bags, safety gloves and boots, plastic products and concentrate transportation from Mongolian manufacturers for the first time. Oyu Tolgoi has spent more than US$2.5 billion on national procurement since 2010, and we continue to grow and expand our national procurement.”
He also paid a tribute to the stakeholders in realizing the success, saying:
“This success is founded on our partnership with our stakeholders – this includes our shareholders: the Government of Mongolia, Turquoise Hill Resources and Rio Tinto, our suppliers and business community at large, and most importantly – our local community. In Khanbogd soum, which we are proud to call our home, citizens have access to fresh running water, 24/7 electricity, globally accredited vocational training, quality clinical facilities and soon they will be able to send their children to a state of the art school and kindergarten.”
Mr. Torres concluded by saying: “It is our firm belief that responsible, sustainable mining projects like Oyu Tolgoi are the foundation of Mongolia’s economic future.”
Click here to view the full presentation of CEO Armando Torres.
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