– President and CEO of Oyu Tolgoi gives detailed answers to questions from Mongolian economic journalists –
Ulaanbaatar, Mongolia – Along with mining development, large, long term investment opportunities have opened up in the Mongolian economy. Only five years ago, the mining sector was restricted to Erdenet and Mongol Rostsvetmet, state-owned companies. The total investment in the sector was less than US$400 million. Today, the mining sector includes strategically important mining deposits such as Oyu Tolgoi, Tavan Tolgoi, Ukhaa Khudag, Ovoot-Tolgoi, all directing multi-billion dollar investments to Mongolia.
One clear example of this trend is the Oyu Tolgoi project, Oyu Tolgoi LLC is investing in long-term, sustainable development for Mongolia. The construction phase alone of the Oyu Tolgoi project, is a US$6.5 billion investment.
The Mongolian Economic Forum – 2012, was held in Ulaanbaatar on 7 March. The following day about 20 members of the Mongolian Economic Journalists’ club met with Oyu Tolgoi President and CEO, Cameron McRae. The Oyu Tolgoi President gave a detailed presentation about the project and answered questions from the journalists.
Mr.McRae said, “We are very happy to work with the Mongolian Economic Journalists club. I have answered many questions from them about the Oyu Tolgoi project and its investment in the Mongolian economy. Most of the questions from journalists were about the economic development of Mongolia as our meeting was held right after the Mongolian Economic Forum”.
Amarsanaa, Coordinator of the Economic Journalists Club said, “The Economic Journalists club was set up with the support of USAID in 2010. We currently have about 60 members representing Mongolian media organisations. The club organises training sessions and workshops for members. One such event was the meeting with Oyu Tolgoi CEO. I’m happy that Mr.McRae spared the time and made the effort to meet with the journalists and share detailed information about the largest mining project in the country”.
Last month, members of the Economic Journalists Club attended a one day training session on mining geology and mining operations and visited Oyu Tolgoi site.
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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