Three Mongolians appointed to OT Board

P.Tsagaan says Mongolians should benefit from mining sooner

On May 5, the State Property Committee appointed three authorized members to represent Mongolia on the Board of Directors for Oyu Tolgoi LLC. N. Bagabandi former President of Mongolia, P.Tsagaan advisor to the current President, and Ch. Ganbold, Head of the Board of Directors of Xac Bank were appointed. P. Tsagaan told the MONTSAME reporter, “Oyu Tolgoi Project is a large scale project. Establishing the project is an act of resolving legal and political matters first. However, I think that people who represent the Mongolian side in the project are responsible to expedite work so that Mongolia can implement and enjoy the actual benefits from the project sooner. Being appointed to this position, I am bearing very important responsibilities.” He also underlined the importance of considering national independence, security and foreign policy, and in particular, avoiding too much dependence on one country, and being separate from other countries, as well as revering friendship with countries while bringing foreign investment to national strategic deposits. To determine the other two members to represent Mongolia, P. Tsagaan said, “I think that former President N. Bagabandi is a realistic person. I was Finance Minister when he was President. Actually, people know he is diligent. For Ch. Ganbold, he is well educated and a good manager. We collaborated in the cultural field. He could gain success in careers within a short period and became head of the Board of Directors of Xac Bank. Therefore it means he has been selected with high criteria. He is not a ‘freshman’.” He did not confirm information of some sources about receiving salaries of USD 40,000. He said, “It may be at that rate for a whole year. If not, it means we will be getting a higher salary than the US President. I do not know about it. I think we may be given fixed pay if we work hard. I’m not doing this for the high salary. I am receiving a trusted responsibility for doing right things for Mongolians, agreeing with foreign investors and protecting the national interest. It is a very responsible job. Of course it is very difficult. For me, I previously worked as head of the Board of Directors of Mongolian side at the Mongolrostsvetmet Joint Venture. In that period, I disagreed and agreed with the Russians many times and resolved issues positively. Ownerships of the two sides were 49x51. However in the Oyu Tolgoi Project, the proportion stands at 34x66. It is too unbalanced. I think that the investor is experienced and civilized in following Mongolia’s history, culture, legislations and agreements and obeying the agreement properly. Although there is nothing to fear, a minority is a minority. There is a lot to do. I believe my experience and knowledge studied and gained thanks to the Mongolian people in the past is needed. I will try hard"

source: The Mongol Messenger" newspaper