Ivanhoe Mines and Rio Tinto agreed to pay windfall profits tax.....

Mongolian Government ministers told to reporters today Rio Tinto and Ivanhoe Mines agreed to pay all relevant taxes of Mongolia including 68% Windfall Profits tax. Earlier, the miners refused to pay the tax citing future operational loss. Finance Minister Bayartsogt Sangajav said " Government is planning to submit a draft law on abolishing the windfall tax from 2011 to state Great Khural when it convenes."
The windfall profits tax law which is enacted in May, 2005 was major stumbling block that delayed the conclusion of the agreement.
Zorigt Dashdorj, the Minerals minister was also present at the press conference held in Government house.



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