– From clothing to construction: Mongolian companies recognised at Gobi Gem Awards –
Ulaanbaatar, Mongolia – Oyu Tolgoi LLC will recognise the achievements of the hundreds of Mongolian suppliers who are helping to develop Mongolia’s world class mining project. The annual Gobi Gem Awards will take place tonight (Wednesday) at the National Opera and Ballet Theatre in Ulaanbaatar.
In order to maximise economic growth and jobs, Oyu Tolgoi sources as many products and services as possible within Mongolia. In 2012, 67 per cent of Oyu Tolgoi’s suppliers were Mongolian and the company plans to increase this further in the coming year.
Speaking ahead of the event, Oyu Tolgoi President and CEO, Cameron McRae said: “For several years, we have used the Gobi Gem Awards to celebrate the success of our suppliers. In the past year, we have worked with many more Mongolian companies, making Gobi Gem 2012 even bigger and better than before. These awards recognise the hard work of all of the companies who are working with us to deliver a brighter future for Mongolia”. “By ensuring that we maximise the money that we spend in Mongolia, we increase income for the Government and develop the skills and businesses that the economy needs. It is extraordinary to see how far we have come in the last two years. As we enter commercial production this year, we hope that Gobi Gem will inspire even more Mongolian businesses to work with us”.
Now in its fourth year, the Gobi Gem awards celebrate successes in nine categories, from small & medium Umnugobi suppliers, to large Mongolian national companies. This year, a total of 29 companies are nominated for awards, from the hundreds who have worked with Oyu Tolgoi in in 2012. The nominations range from small businesses supplying equipment, to major national construction firms
The event is the culmination of a year of success for Oyu Tolgoi, which produced its first copper concentrate at the end of January. This was the result of years of work and billions of dollars of investment. In order to create a secure and sustainable national supply chain, wherever possible, Oyu Tolgoi uses Mongolian businesses to provide the goods and services that it needs. Between 2010 and 2012, Oyu Tolgoi spent 1.4 trillion MNT (US$ 1.1 billion) buying products and services from Mongolian companies. Even when it is not possible to find a supplier in Mongolia, Oyu Tolgoi offers training and consultancy to Mongolian and Umnugobi businesses to help them successfully bid for tenders in the future. In 2012, 67 per cent of Oyu Tolgoi’s suppliers were Mongolian and the company has strong targets to increase this in the coming years.
About Oyu Tolgoi LLC (http://ot.mn/en)
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.
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