Ulaanbaatar, Mongolia – Mongolian Mining Summit was held in Perth, Australia on 29-31 October. One of the highlights of the summit were the representation of 14 Mongolian based mining insiders, including Oyu Tolgoi, giving real insights into how to improve government relationships, partner with local companies and understand the investment opportunities and challenges.
G. Batsukh, Chairman of the Board of Director of OT LLC and Houston Spencer, Vice President, Communications and Media, Oyu Tolgoi LLC spoke at the summit.
“Addressing the conference yesterday (Wednesday), Oyu Tolgoi Chairman, Batsukh Galsan provided a clarion call for investment saying:
“In Mongolia we like to think of ourselves as breaking the mould when the situation demands it. We are not afraid to try new things, and we are firm believers in pragmatically solving problems. We are determined to ensure our natural mineral wealth is a blessing rather than a curse. But the process of achieving that goal in a vibrant democracy is not always smooth and is often full of drama.
“In spite of the ups and downs, the trend has been a steady march forward as more and more investors discover the long term prospects of the country and the potential rewards for patience and commitment.”
This morning (Thursday) Houston Spencer, spoke on the lessons for investors from the Oyu Tolgoi project, emphasising the project’s long term nature:
“In the last few months, from media reports, you might think that Rio Tinto’s belief in Mongolia could be wavering. But it’s not. Yes, there are issues to resolve, but talk to anyone involved in Oyu Tolgoi and you’ll hear enduring optimism, even passion.”
“That optimism is driven by the fact that at a macro level nothing has changed. We are a multi-generational, long life project, whose true value can never be judged against any single moment in time.
“The simple lesson from the Oyu Tolgoi experience is that investment in Mongolia requires long-term commitment.
“There is a bright future for OT. History will judge this time as one moment in a long and prosperous story.”
Mr.Batsukh and Mr.Houston’s speeches in English and Mongolian:
Mr.Batsukh's speech:
Mr.Houston’s speech:
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 has commissioned Concentrator plant in December, 2012 and commenced shipments of copper concentrate in July 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.
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