Rio Tinto Notes Mongolian Parliament Resolution on Oyu Tolgoi
Rio Tinto notes the unanimous approval by the Mongolian Parliament of a Resolution that instructs the government to look for ways to improve the implementation of the Investment Agreement of 2009, the Amended & Restated Shareholder Agreement of 2011 and to improve the Underground Mine Development & Financing Plan of 2015.
The passing of this Resolution effectively re-confirms the validity of all the investment agreements between the Government of Mongolia, Rio Tinto and Turquoise Hill Resources. This brings to a close an over 18-month review by the Parliamentary Working Group of Oyu Tolgoi and the investment agreements governing the business.
Arnaud Soirat chief executive Copper & Diamonds said “Rio Tinto acknowledges the Mongolian Parliament’s Resolution and notes that this effectively confirms the validity of all Oyu Tolgoi investment agreements.
“Adherence to these agreements by all parties has underpinned a total in-country spend of around $10 billion since 2010, which has delivered significant benefits to the people of Mongolia and will continue to do so for decades to come.
“There is a lot of work to do to ensure Oyu Tolgoi reaches its full potential and we remain committed to exploring ways to deliver even greater benefits from Oyu Tolgoi to all shareholders.”
The Resolution, includes other additional clauses in relation to: exploring options to look at the Mongolian Government’s equity share in Oyu Tolgoi; a re-definition of the reserve report and updated feasibility report; a renewal of the environmental and water assessments; and further capability development within the team which represents the Mongolian party.
The Resolution was officially published by the Government of Mongolia on 10 December 2019. A copy of the Resolution is available at https://www.legalinfo.mn/law/details/14771?lawid=14771.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191211005321/en/
./ContentItem/FormatRio Tinto notes Mongolian Parliament Resolution on Oyu Tolgoi
Contact
media.enquiries@riotinto.com
riotinto.com
Follow @RioTinto on Twitter
Media Relations, United Kingdom
Illtud Harri
M +44 7920 503 600
David Outhwaite
T +44 20 7781 1623
M +44 7787 597 493
Media Relations, Americas
Matthew Klar
T +1 514 608 4429
Media Relations, Asia
Grant Donald
T +65 6679 9290
M +65 9722 6028
Media Relations, Australia
Jonathan Rose
T +61 3 9283 3088
M +61 447 028 913
Matt Chambers
T +61 3 9283 3087
M +61 433 525 739
Jesse Riseborough
T +61 8 6211 6013
M +61 436 653 412
Investor Relations, United Kingdom
Menno Sanderse
T: +44 20 7781 1517
M: +44 7825 195 178
David Ovington
T +44 20 7781 2051
M +44 7920 010 978
Investor Relations, Australia
Natalie Worley
T +61 3 9283 3063
M +61 409 210 462
Amar Jambaa
T +61 3 9283 3627
M +61 472 865 94
Rio Tinto Plc
6 St James’s Square
London SW1Y 4AD
United Kingdom
T +44 20 7781 2000
Registered in England
No. 719885
Rio Tinto Ltd.
Level 7, 360 Collins Street
Melbourne 3000
Australia
T +61 3 9283 3333
Registered in Australia
ABN 96 004 458 404
Category: Oyu Tolgoi
