– Mongolians jointly managing world-class project –
Ulaanbaatar, Mongolia – As of 30 May, construction at the Oyu Tolgoi project, which is driving economic growth in Mongolia, has reached the 82 per cent completion mark.
The Oyu Tolgoi mine will commence operations and begin exporting its product to world markets starting in 2013. The mine is expected to be fully operational by 2017 and out of the nearly 15,000 people currently taking part in project development, 9,621 are Mongolian nationals.
Within 10 years of starting mine production, Mongolians will make up no less than 70 per cent of the total engineering workforce. For this reason, engineers and technical workers are being intensively trained in various disciplines and a clear example of this is the new graduate programme. Under this programme, new graduates are selected from technical universities and enrolled in a 2-year domestic and overseas training programme to expand their respective skill capacity before becoming full-time employees.
Oyu Tolgoi continuously supports the development of Mongolian youth by jointly managing the project. This provides thousands of young people with an opportunity to work effectively in their homeland and improve opportunities for a brighter future.
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), Ivanhoe Mines (66 per cent) and Rio Tinto. Rio Tinto is the major shareholder in Ivanhoe Mines 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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