Mongolian government on Wednesday signed the long-expected Oyu Tolgoi underground mining financing deal with Anglo-Australian miner Rio Tinto, by far the largest foreign investment program in the landlocked country.
At the signing ceremony, Mongolian Prime Minister Saikhanbileg Chimed congratulated representatives of Rio Tinto and 15 international financial institutions and lenders.
"From today, instead of being a political or governmental issue, the Oyu Tolgoi mine deal has become a purely business project," he said.
"A joint venture governing board and businesses will develop the Oyu Tolgoi project and the underground mine. Fifteen largest banks in the world will provide loans for Mongolia through Rio Tinto and the state owned Erdenes Mongol companies," said Chimed.
According to Rio Tinto, once the Oyu Tolgoi mine fully operates after construction of the underground project, it will generate about a third of Mongolia's gross domestic product.
It is estimated that the Oyu Tolgoi mine boasts a reserve of 31 million tons of copper, 1,328 tons of gold and 7,000 tons of silver. Endi
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