Tsog, Executive Director of Democratic Constitutional legislators Association, a civic group and former Minister of Justice and Home Affairs and Bayarkhuu, board member of "Radical Reform" a civic group criticized Ivanhoe Mines Mongolia Inc and Rio Tinto for sending letter to members of the State Great Khural. On July 27, 2009, the companies sent letter to all 74 members of the legislative body of Mongolia requesting meeting if legislators are not clear about investment agreement of Oyu Tolgoi.
The civic activists consider this as direct interference on Mongolian internal affair and putting pressure on the legislators to pass the investment agreement to fit the investors' interest.
Bayarkhuu: The foreign investors sent the letter while the legislators were on recess. To request a meeting while the Khural is on recess and meeting with each of the legislators individually is clear violation of Mongolian independence. Mongolia is an independent country that decides its fate on its own without interference from others.
Tsog: there is probability that Ivanhoe and Rio Tinto may bribe the legislators and thus pass the investment agreement. We, civic groups are not working to transfer the Oyu Tolgoi to chinese companies. We just want that Ivanhoe and Rio agree to Mongolia's terms. They are using China as monster to scare Mongolia. They are saying to the legislators that "we are the best choice you can make. Deal with us and accept our terms".
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Industry can not agree to accept the current terms of the IA. The extremely limited profit margin(if any) would scare would be investors and make mining industry funding much harder. Mine start up money is needed, without company profits to share, no investors. Why would I invest in a Mongollian mine with 10-15% maximum annual gain, when every other mining company needs 35-65% just to survive when the metal prices are low. My western view is that while Mongolia is entitled to it's share (whatever that is), The mining industry will not survive a low metal price. Lower metal prices are not predictable as part of a company investment plan. My solution is to offer Mongolia company stock shares for payment. This helps everyone.
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