– For the first time in Mongolia, a public and private sector cooperation agreement was signed –
Ulaanbaatar, Mongolia – Oyu Tolgoi is committed to making a tangible contribution to the socio-economic development of Umnugobi region. The mine is working with the Umnugobi region and Khanbogd soum on signing a long-term cooperation agreement.
On 7 September, B.Badraa, Governor of Umnugobi and B.Dendevsamba, Governor of Khanbogd soum and Oyu Tolgoi LLC President and CEO, Cameron McRae, signed the 'Interim Agreement' – taking them a step closer to reaching a long-term cooperation agreement.
During the signing ceremony, B.Badraa, Governor of Umnugobi emphasised, “the opportunity to expand our cooperation, work closely for prosperity and improve the standard of living for residents of the Umnugobi has been created”. B.Dendevsamba, Governor of Khanbogd soum said, “this is a major step towards development. I think our cooperation will be broad and efficient and mutually beneficial”.
Signing the agreement offers the parties the opportunity to cooperate in supporting local socio-economic development, including – protection of the local natural environment, environmental rehabilitation, support of traditional animal herding, efficient management of Gobi water and pastureland, supporting local employment and job creation, improving health and education services and development of infrastructure.
Oyu Tolgoi President and CEO Cameron McRae said, “signing the agreement paved the way for efficient, productive cooperation”.
B.Tuvshinbayar, chairman of Umnugobi Governor’s office and head of the working group on the Cooperation Agreement, governors of the Umnugobi counties, Oyu Tolgoi management and representatives of the community participated in the agreement signing ceremony.
About Oyu Tolgoi LLC (http://en.ot.mn/)
Oyu Tolgoi LLC is Mongolia's largest copper and gold mining company and is a strategic partnership between the Government of Mongolia (34 per cent stake), Turquoise Hill Resources (66 per cent) and Rio Tinto. Rio Tinto is the major shareholder in Turquoise Hill Resources and the manager of the Oyu Tolgoi project. In addition to dividends from its 34 per cent stake in Oyu Tolgoi, the Government of Mongolia will receive taxes and royalties.
Oyu Tolgoi, located in the Gobi desert in southern Mongolia, will be one of the largest and highest-grade copper and gold mines in the world. It is the largest project ever developed in Mongolia, requiring a capital investment for phase 1 of more than US$6 billion.
Oyu Tolgoi is committed to contributing to a sustainable future for Mongolia. At least 9 out of 10 employees will be Mongolian once the mine is in production and Oyu Tolgoi is investing US$58 million dollars (78 billion MNT) in training and education and an additional US$27 million dollars (36 billion MNT) in the Workforce Employment Project designed to help address the general skills shortage in Mongolia
Oyu Tolgoi's key priorities are the health and safety of employees, best-practice environmental management, contributing to sustainable communities and always doing business with integrity, for the benefit of all the project's shareholders and the people of Mongolia.
For more information, connect with us on Facebook and Twitter.
Leave a Reply
You must be logged in to post a comment.