1. The Government of Mongolia, Rio Tinto and Ivanhoe Mines today issued a joint statement that concludes discussions on the Oyu Tolgoi Investment Agreement. All parties confirm that the Investment Agreement was signed in full compliance with Mongolian law, including Resolution 57, passed by the State Great Khural in July 2009.
2. The Government of Mongolia and Oyu Tolgoi reaffirmed the Investment Agreement as a binding contract on all parties and recognised the significant benefits that the Agreement is producing for the people of Mongolia.
3. In light of global economic instability, all parties recognise that the timely completion of Oyu Tolgoi is essential to protect Mongolia’s economy from recession. Confidence in Mongolia’s investment climate is a pre-condition to encouraging economic growth.
4. Oyu Tolgoi Investors reaffirm their obligations to fulfill agreed upon investments in economic and community infrastructure. By funding the largest infrastructure programme in Mongolia, Oyu Tolgoi will build a paved road to Gashuun Checkpoint, an international standard airport, water and power distribution systems, in addition to vocational training facilities in five cities throughout Mongolia.
5. Oyu Tolgoi will continue to work with South Gobi and Soum authorities to diversify the economy and grow Mongolian businesses. Oyu Tolgoi’s 'Mongolia First' initiative will continue procurement policies that benefit local suppliers and expand the capacity of Mongolian businesses.
6. Rio Tinto, as the manager of the project, specifically affirms the central importance of training and promoting Mongolians in Oyu Tolgoi and related enterprises. With the goal of 90 per cent Mongolian participation, investments in training, scholarships to Mongolian and overseas institutions, internships and postings in Rio Tinto global businesses will prepare Mongolians for leadership quickly.
7. The Government of Mongolia, Ivanhoe Mines and Rio Tinto pledge continued cooperation to bring Oyu Tolgoi into production. All parties further pledge to work together to inform the Mongolian public on the progress of Oyu Tolgoi and the benefits it provides for the economy and 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.