Parliamentary committees made headway in Oyu Tolgoi investment agreement

Parliamentary budgetary committee discussed the the annulment of the windfall profits tax law this afternoon. Batbayar Nyamjav and Enkhbold Zandaakhuu, lawmakers of the Democratic Party proposed to raise the threshold of price of copper to be taxed from $ 2600 to $ 4400 per ton and reduce the 68 percent tax to 34 percent instead of complete annulment. However, majority of the 15 lawmakers particpated in the discussion voted against these proposals. Bayartsogt Sangajav, the Finance Minister said " current version of the investment agreement is the optimum version of the various draft agreements held since 2007. Project life of the Oyu Tolgoi is 70 years minimum. Mongolia's stake will increase to 50 percent after 30 years and the investors recoup the initial investment."
MPRP lawmaker Saikhansambuu inquired if there is any possibility to reduce the 30 year initial term of the investment agreement down to 15 years. The finance Minister promptly replied " it is not possible as the current minerals law stipulates 30 year investment agreement period for any large mining projects".
Committee on environment voted to send the draft law to amend current law on Water for approval of the full parliament session. Tomorrow full parliament session is expected to discuss the legal revisions necessary for conclusion of the Oyu Tolgoi investment agreement.

Reporting by Ganbat, reporter of MonInfo News and Information Services


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