Government decided to issue bonds to finance loan/advance payment from the miners

Government of Mongolia will issue bonds as security for advance payment of the Ivanhoe Mines and Rio Tinto. According to the Oyu Tolgoi draft investment agreement, the miners to pay $ 250 mill as advance payment to Mongolian government. The investors (the miners) proposed to buy bonds of Government of Mongolia for 5 year period at annual interest rate of 3% as collateral for the loan/advance payment.
During today's cabinet meeting, the Government approved issuance of bonds worth $ 287.5 million dollars in stages. Ivanhoe Mines Mongolia Inc proposed to transfer the advance payment in following three 3 stages.
1st. transfer $ 100 mill within 14 days of signing of the investment agreement
2. transfer $ 50 mill within 14 days of effective date of the agreement
3. transfer rest of $ 100 mill within 14 days of raising funds necessary for building open and underground mine shafts at the site.

Reporting by Ganbat, reporter of MonInfo news service

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