Oyu Tolgoi deal done

Grand ceremony to sign the massive Oyu Tolgoi investment agreement was held in main hall of the Government house.
It started after 3 pm. Prime Minister Bayar Sanjaa said " it is a historic agreement to start Mongolian economic development." Bayartsogt Sangajav, the finance minister said " it is first of its kind agreement in Mongolia and therefore, we needed to revise many of our laws. From now on, biggest foreign invested company in Mongolia will be known as Ivanhoe Mines Mongolia Inc."

Peter Meredith, Board Chairman of the Ivanhoe Mines Ltd said " It's been a long road......these agreements are designed to benefit all Mongolian people.Under this agreement, we can not sell a portion of the Oyu Tolgoi to any sovereign fund or investors.However, they can buy shares of Ivanhoe Mines Ltd from stock exchanges."

By Ganbat, reporter of MonInfo News service


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