– Mine implements programmes for small-medium enterprises –
Ulaanbaatar, Mongolia – Oyu Tolgoi LLC, catalyst of Mongolian economic development, supports Mongolian businesses, including small-medium enterprises (SMEs), on many levels. Over 1,000 Mongolian businesses are suppliers to the daily spend of the 10.4 billion MNT it takes to develop the Oyu Tolgoi project.
In 2011 alone, Oyu Tolgoi spent 1.7 trillion MNT on goods and services from national supplier companies. The 'Preferential rights for Mongolian companies' programme, designed to support Mongolian businesses, provides professional assistance for SMEs, to help them meet the supplier criteria and develop their businesses further. Oyu Tolgoi have also initiated a micro-credit programme to support local small-medium enterprises in partnership with XAC and Khan banks. Over 50 small-medium businesses obtained 1.9 billion MNT worth of loans from this micro-credit fund to start and expand their business.
Oyu Tolgoi recently sponsored the 'Made-in-Mongolia 2012' trade fair. During the trade fair, the 'Procurement policy of Oyu Tolgoi' was introduced to local businesses to help business clear up any obstacles and misunderstanding about supply of products and services to the mine. Oyu Tolgoi also organised open forums where SME business people were able to ask questions to gain greater understanding of the procurement policy.
D.Dembereldorj, director of the Small-Medium Enterprises Development Fund of the Ministry of Food, Agriculture and Light Industry said, “thank you to Oyu Tolgoi for sponsoring the 'Made-in-Mongolia 2012' trade fair. This action shows the mine is committed to the continuous support of small-medium enterprises. We are planning to work with Oyu Tolgoi for many areas”.
Oyu Tolgoi’s support for small-medium enterprises is aimed to develop SMEs, strengthen their market position and help them to contribute significantly to the economic development of Mongolia.
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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