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First ever training for young Mongolian project financiers - largest ever
project financing in the mining industry
Ulaanbaatar, Mongolia (ot.mn) – Oyu Tolgoi sponsored a three-day summit on project financing in Ulaanbaatar this week, helping to train the young bankers who will be the foundation of the new resource economy.
Twenty delegates, from the leading four banks in Mongolia, and representatives from Erdenes, the government shareholder in Oyu Tolgoi, were hand-picked by their employers to gain important new skills.
The trainees will also be on a special panel that will be regularly informed about the progress of project financing at Oyu Tolgoi. All four local banks are involved in the process, lending 32 billion MNT each.
“Oyu Tolgoi is much more transparent than other companies. The people at Oyu Tolgoi want other companies involved, and they are always trying to enhance the capacity of local banks:” said N.Oyunkhand, Deputy Chief Risk Officer at Khan Bank.
Her colleague, Dulguun B, Senior Officer in the Corporate Banking Division, said that the course was necessary as the bank previously had little capability in this area.
“This is useful and unique, Oyu Tolgoi is a pioneer,” said Nyamsuren D, Account Manager at the International Banking Department at TDB. “This is a very detailed and focussed course – it will help us from the very beginning when term sheets and financing offers come in” she said, adding: “It’s always great to meet the people you will be working with!”
Cameron McRae, CEO of Oyu Tolgoi said: “I am delighted to see young, talented and ambitious Mongolians gaining skills that they can use throughout their careers”, he said. “This is skills development and capacity-building at its very best – exactly what the Investment Agreement was designed to deliver.”
About Oyu Tolgoi
Oyu Tolgoi LLC is Mongolia’s largest copper and gold mining company and is astrategic partnership between the Government of Mongolia, Ivanhoe Mines and Rio Tinto. Rio Tinto is the major shareholder in Ivanhoe Mines and the manager ofthe Oyu Tolgoi project. In addition to dividends from its stake in Oyu Tolgoi, the Government of Mongolia will receive taxes and royalties.
Oyu Tolgoi, located in the Gobi desert in southern Mongolia, will be one of the largest and highest-grade copper and gold mines in the world. It is the largest project ever developed in Mongolia, requiring a capital investment for phase one of more than US$6 billion.
Oyu Tolgoi is committed to contributing to a sustainable future for Mongolia. At least 9 out of 10 employees will be Mongolian once the mine is in production and Oyu Tolgoi isinvesting US$85 million dollars (110 billion MNT) in training.
Oyu Tolgoi’s key priorities are the health and safety of employees, best-practice environmental management, contributing to sustainable communities and always doing business with integrity, for the benefit of all the project’s shareholders and the people of Mongolia.
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.