Ulaanbaatar, Mongolia – Oyu Tolgoi LLC notes Turquoise Hill Resources’ statement in response to the Mongolian Tax Authority’s Tax Act asserting unpaid taxes, and other financial matters, relating to the first phase of the development of the Oyu Tolgoi project. Oyu Tolgoi LLC does not agree with the report’s conclusions. As stated by our majority owner, Turquoise Hill Resources, the shareholders will work through appropriate dispute resolution processes, in accordance with Mongolian tax law and the Investment Agreement, which may result in international arbitration.
Craig Kinnell, President & CEO of Oyu Tolgoi LLC, said: “We regret this development. However, our commitment is to continue to legally operate the Oyu Tolgoi mine and look after the health and safety of our over 6,000 employees and contractors, who are focused on making the operation sustainable, profitable and internationally competitive.”
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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