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Oyu Tolgoi LLC Board of Directors holds its quarterly meeting

 

Hanbogd soum, Umnugobi aimag– Oyu Tolgoi LLC Board of Directors and its sub-committees organised its quarterly meeting on June 9-10 2011 at the Oyu Tolgoi mine project site located at Umnugobi aimag’s Hanbogd soum.

The Board of Directors revised Oyu Tolgoi’s first semi-annual report which featured special highlights on geological exploration, underground and open pit mine progress, production readiness and its future progress. Additionally, the Board discussed the project related infrastructure buildings including water supply pipelines, road and electricity supply issues followed by making respective decisions and releasing recommendations. The Board of Directors discussed budgetary and planning issues regarding the electricity gridlines to Hanbogd soum, hydrogeological work for soum drinking water supply and the extensions for soum school, kindergarten and hospital premises.

Board members reported updates on the construction and equipment supply processes of Vocational Training Centres, which are being newly built in Ulaanbaatar, Dalanzadgad and Hanbogd and extended in Erdenet, Ulaanbaatar, Darhan and Choir.

Aside from this, the Board discussed the implementation status of Investment Agreement, amendments to Shareholders’ Agreement, project funding and its future conditions.

During the Board meeting, special emphasis was given to some issues which occurred at the Oyu Tolgoi project site related to employees’ health and safety, and assigned the company administration and executive managers specific duties and tasks in relation to these.

The Board of Directors also approved newly elected members in the Board including Peter Nicholls, General Manager of Copper Group, Rio Tinto and Cameron McRae, President and CEO of Oyu Tolgoi LLC. These newly elected members replace former Board members Peter Meredith and Bill Wald.

Board members also visited the construction sites for the 100,000-tonne-a-day capacity concentrator, Shaft No.2, central heating plant, primary crusher, ore conveyor, electricity gridline and other mine infrastructure developments.

Currently the Oyu Tolgoi project construction has already reached 23 per cent, of which the concentrator construction has reached 32 per cent. This enables the first phase mining operation to commence prior to the dates stipulated in the Investment Agreement. The Board of Directors highly commended the progress.

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About Oyu Tolgoi LLC (www.ot.mn)

Oyu Tolgoi LLC, Mongolia's largest copper and gold mining company, is a strategic partnership between the Government of Mongolia, Turquoise Hill Resources and Rio Tinto. Located in the South Gobi, Oyu Tolgoi commenced shipment of product to customers in July 2013. Oyu Tolgoi is managed by Rio Tinto, which is investing global expertise and cutting-edge technology to help develop Mongolia’s mining industry and ensure Oyu Tolgoi is one of the world’s most advanced mines. For Oyu Tolgoi, nothing matters more than safety. The business operates under the principle that if a job cannot be done safely, it will not be done at all.

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