Government reports on OT’s production and operations

On December 19, a regular meeting ‘Hours of Construction’ was organized by the government. At the meeting, Oyu Tolgoi LLC’s production and operations were reported.
Giant concentrator at the Oyu Tolgoi mine site
“Oyu Tolgoi LLC commenced operations of its concentrator, which is capable of processing 100 thousand tons of ore a day, and made its first export of copper concentrate on July 9 2013. Within the past five months, 250 thousand tons of copper concentrate was extracted and 70 thousand tons were distributed through the Gants Mod border point of China. Roughly 20 thousand tons have been taken by smelters. According to the relevant agreement, Oyu Tolgoi LLC is thoroughly fulfilling its duties such as its working force, tax payments and contributions to national and local construction”, said D. Ganbold, Executive Director of Erdenes Oyu Tolgoi LLC.
At the regular meeting of the Board of Directors of ‘Oyu Tolgoi’ LLC this month, the company’s action plan and budget for 2014 were adopted. The project investment for next year was planned to be USD1.2 billion, while sales income will be USD2.6 billion. “In 2014, 690 thousand tons of copper concentrate is expected to be produced which is 200 thousand tons more than Erdenet Mining Corporation. So, Oyu Tolgoi LLC becomes the largest entity of Mongolia and contributes to about 20 percent of Mongolia’s economy”, he added. Among some 690 thousand tons of concentrate to be extracted from Oyu Tolgoi, there are 175 thousand tons of copper and 23 tons of gold.
Talks aiming to resolve the project’s pressing issues continued from October last year resulting in 21 of over 30 issues being resolved and the two sides reaching a mutual understanding. During the continuing talks, the sides are discussing cooperation conditions between the Mongolian government and investors for putting the mine into operation. Within the second quarter of next year, the revised Feasibility Study of the mine will be adopted and the mine will be put into operation.
Following this information, Prime Minister N.Altankhuyag provided important information for businessmen. “All remaining money from the Chinggis Bonds will be spent on encouraging production. USD34 million, or approximately Tgs360 billion, will be used to augment Mongolia’s export and fund the best production projects to replace imports”, said the PM.


Source: THE MONGOL MESSENGER
Share:

0 comments:

Post a Comment

Facebook page

Powered by Blogger.

Categories

Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive

Followers

Live Traffic