Ulaanbaatar, Mongolia – Rio Tinto, in its latest ‘Taxes paid report,’ reported that in 2012 Oyu Tolgoi paid US$280 million in taxes to Mongolia, the fifth highest amount out of all the countries in which Rio Tinto operates. Globally, Rio Tinto paid US$11.6 billion in taxes.
“Even before commercial production has begun, Oyu Tolgoi is a major contributor to Mongolia’s economy and development,” said Oyu Tolgoi CEO and President Cameron McRae. “All of us at Oyu Tolgoi are proud to be part of the creation of a world-class project with the potential to create greater prosperity for families today and a brighter future for generations to come.”
In 2012, Oyu Tolgoi paid a total of US$280 million in national and local taxes and other government fees. The taxes paid included:
- US$33.3 million to the MTA in taxes and payments.
- US$94.6 million to the Umnugobi Tax and Customs authority.
- US$122.5 million in VAT paid via suppliers.
- US$29.7 million in social security and other fees.
As part of its commitment to being transparent and open about its operations and actions, Oyu Tolgoi posted information regarding taxes and fees to the Government of Mongolia on its website on 5 February. http://ot.mn/en/node/3853
Rio Tinto, which manages the Oyu Tolgoi mine, voluntarily reports the details of all individual payments over US$1 million made to governments in the countries where Rio Tinto operates.
The country in which most tax was paid was Australia, with more than US$8.9 billion paid last year. Canada (US$1 billion), United States (US$376 million), Chile (US$331 million), Mongolia (US$280 million), United Kingdom (US$150 million), France (US$140 million) and South Africa (US$130 million) were among other governments to have received significant tax payments during the year.
This is the third year that Rio Tinto has published its ‘Taxes paid report’.
About Oyu Tolgoi LLC (http://ot.mn/en)
Oyu Tolgoi LLC, Mongolia's largest copper and gold mining company, is a strategic partnership between the Government of Mongolia, Turquoise Hill Resources and Rio Tinto. Located in the Umnugobi, Oyu Tolgoi is scheduled to begin commercial production in the first half of 2013. As the biggest single investment in Mongolian history, Oyu Tolgoi already is a major driver of the country’s economy.
Oyu Tolgoi is managed by Rio Tinto, which is investing global expertise and cutting-edge technology to help develop Mongolia’s mining industry and ensure Oyu Tolgoi is one of the world’s most advanced mines. Oyu Tolgoi is developing a nationwide vocational training programme, regional infrastructure, and is committed to ensuring more than 90 per cent Mongolian national employment and a strong Mongolian supplier base. These programmes will help drive economic growth for generations to come.
Oyu Tolgoi’s core commitment is to a safe work place and setting a new standard in environmental care.
For more information, connect with us on Facebook and Twitter.
Leave a Reply
You must be logged in to post a comment.