▲ Up
21:01 24-04-2017
MAIN АКИpress CA-News
Mining Minister says Mongolia has no plans to sell its Oyu Tolgoi shares
15:40, 14 March 2017, 904

AKIPRESS.COM - Mongolia has no plans to sell or downsize its 34 percent stake in the Oyu Tolgoi mine Minister of Mining Ts.Dashdorj told Reuters on the sidelines of the Prospectors and Developers Association of Canada (PDAC) conference in Toronto, reports The UB Post.

Oyu Tolgoi is jointly owned by the Government of Mongolia (34 percent) and Turquoise Hill Resources (66 percent), which Rio Tinto holds a 51 percent majority stake in.

“Our ministry has to find out all possible options that are good for Mongolia, and within that framework, we are researching all possibilities. Currently, there is no such plan, but it is something that we can watch,” Minister Ts.Dashdorj told Reuters.

Many analysts have highlighted Mongolia’s need to prioritize mining royalty taxes instead of pushing for ownership stakes.

In October 2016, Rio Tinto CEO Jean-Sebastien Jacques told Bloomberg that Mongolia won’t receive any dividends from the giant Oyu Tolgoi mine for 10 years.

“We shouldn’t forget that Oyu Tolgoi is a long-term project,” Jacques said in an interview with Bloomberg TelevisionMongolia. “It will take us five years to build the infrastruc-
ture and seven to nine years to ramp it up.”

“Until we get to a steady state, which is clearly 10 years down the road, we will not pay a dividend to anybody,” he said.

Full access to all news articles in English

1 month2000 somsubscribe
year20000 somsubscribe
These subscription fees are for private individuals only. Please contact us via phone +996 (312) 900-776 or email info@akipress.org for corporate subscription inquiries
© AKIpress News Agency - 2001-2017. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75