Arab Today, arab today mongolia backs down in mining row
Last Updated : GMT 08:57:25
Arab Today, arab today
Arab Today, arab today

Mongolia backs down in mining row

Arab Today, arab today

Arab Today, arab today Mongolia backs down in mining row

Ulan Bator - AFP

Mongolia has abandoned a bid to renegotiate a huge deal to develop a vast copper and gold deposit and agreed to stand by its 2009 agreement with Ivanhoe Mines and Rio Tinto, a joint statement said. The government of the resource-rich country last week invited Canada\'s Ivanhoe and Anglo-Australian miner Rio to discussions on changing the agreement on Oyu Tolgoi, including boosting its share in the project. It wanted to increase its stake to 50 percent from 34 percent, but the companies said they were not prepared to renegotiate the deal. \"Ivanhoe Mines, Rio Tinto and the government of Mongolia... are pleased to confirm that all parties have reaffirmed their continued support for the (2009) investment agreement,\" said the statement, released late Thursday. Ulan Bator faces mounting public pressure to secure a larger stake of the nation\'s plentiful resources in the run-up to parliamentary polls next year, and observers say it is looking to gain political mileage from the deal. The government hopes the money it will make from Oyu Tolgoi and other deposits will enable it to pull thousands out of poverty, and is reluctant to appear to be giving away major chunks of its assets to foreign companies. But analysts said renegotiating the agreement could undermine investor confidence in Mongolia. \"I was expecting a minor deal. But a minor deal would have set a precedent for further minor deals, causing never-ending anxiety. So they chose to leave it alone,\" said Dale Choi of the Ulan Bator-based Frontier Securities. The multi-billion-dollar Oyu Tolgoi project -- still under development -- has been billed as one of the biggest investments in Mongolia since the former Soviet satellite went capitalist more than two decades ago. Construction of the mine -- which currently employs 9,000 Mongolian workers -- is half complete and production is expected to begin late next year. According to the deal signed with the two firms in 2009, Mongolia is allowed to increase its share to 50 percent only after the expiration of an initial 30-year investment agreement.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today mongolia backs down in mining row Arab Today, arab today mongolia backs down in mining row

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today mongolia backs down in mining row Arab Today, arab today mongolia backs down in mining row

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday