Arab Today, arab today ivanhoe rio refuse to renegotiate mongolia deal
Last Updated : GMT 11:10:19
Arab Today, arab today
Arab Today, arab today

Ivanhoe, Rio refuse to renegotiate Mongolia deal

Arab Today, arab today

Arab Today, arab today Ivanhoe, Rio refuse to renegotiate Mongolia deal

Beijing - AFP

Ivanhoe Mines and Rio Tinto have rejected moves by the Mongolian government to renegotiate the terms of a 2009 deal to develop a vast copper and gold deposit in the resource-rich country. Ulan Bator last week invited Ivanhoe and Rio to \"discuss potential changes\" to the Oyu Tolgoi agreement that included boosting Mongolia\'s share in the project to 50 percent from 34 percent, the companies said Monday. The government also wants to increase taxes on Canada\'s Ivanhoe and Anglo-Australian miner Rio Tinto for resource use, according to an earlier statement posted on the Mongolian government\'s website. \"In response to this letter, Ivanhoe Mines and Rio Tinto have formally advised the Mongolian government that the companies are not prepared to renegotiate the investment agreement,\" the companies said in a statement. Ivanhoe and Rio said they have written to top Mongolian leaders, including the president and prime minister, warning their actions could \"seriously undermine the confidence\" of international investors in Mongolia. Rio owns a 49 percent stake in Ivanhoe. 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 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. Mongolia\'s gross domestic product -- $6.08 billion in 2010, according to the World Bank -- is expected to increase by nearly 35 percent over the life of the mine, according to a 2005 project plan. 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. 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. Construction of the mine -- which currently employs 9,000 Mongolian workers -- is half complete and production is expected to begin late next year. Ivanhoe said it expects \"the parties will continue to honour and implement the terms of the agreement as previously negotiated and has asked the government to affirm its full support of the agreement\".  

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 ivanhoe rio refuse to renegotiate mongolia deal Arab Today, arab today ivanhoe rio refuse to renegotiate mongolia deal

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 16:23 2017 Sunday ,19 February

Global energy news

GMT 16:05 2017 Sunday ,19 February

Trudeau calls for wider social benefit from economy

GMT 05:57 2017 Sunday ,19 February

How do you say déjà vu in Greek?

GMT 05:26 2017 Sunday ,19 February

US natural gas market tightens

GMT 05:06 2017 Sunday ,19 February

Merkel: Euro is too low for Germany

GMT 04:58 2017 Sunday ,19 February

Swedish PM: Brexit deal in 2 years is unlikely
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
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