mongolia approves new phase of rio tinto mine project
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

PM Chimediin Saikhanbileg:

Mongolia approves new phase of Rio Tinto mine project

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Mongolia approves new phase of Rio Tinto mine project

Underground mine shaft at the Rio Tinto
Ulan Bator - Arab Today

Mongolian Prime Minister Chimediin Saikhanbileg announced on Sunday that his Cabinet has decided to proceed with the second phase of a huge foreign-invested copper and gold mine that has divided opinion in the resource-rich Central Asian nation.
Saikhanbileg said in a nationally televised address that the decision regarding the Oyu Tolgoi mine was in the national interest.
"Some of us have to make decisions," he said. "It's time to do this," he added.
"As a prime minister, I recognise my responsibility of making historic decisions essential to the country."
Sprawling and sparsely-populated Mongolia has enjoyed world-leading economic growth in recent years -- peaking at 17.5 percent in 2011 -- on the back of a minerals boom exemplified by the giant copper- and gold-laden Oyu Tolgoi mine, which is operated by Anglo-Australian resources giant Rio Tinto.
But that performance has slumped to troubling levels, as rising resource nationalism and an increasingly stringent investment environment led many foreign investors to abandon the country.
Saikhanbileg said that Mongolia and Rio Tinto had reached agreement "in principle" and that an official announcement would come soon after final details were worked out.
The second phase of Oyu Tolgoi will result in a $4.2 billion investment in Mongolia, he said.
The government and Oyu Tolgoi had been locked in negotiations for two years on the second phase of the mine. Late last month Rio Tinto chief executive Sam Walsh visited Mongolia for talks on the issue.
The decision to move forward on Oyu Tolgoi follows a controversial text message referendum in early February in which Mongolians voted to back stalled foreign investment in natural resources.
The referendum, backed by Saikhanbileg, saw 56.1 percent of respondents support increased overseas investment in megaprojects such as the Oyu Tolgoi mine that could stimulate the troubled economy.
Saikhanbileg used the text poll to seek a mandate less than three months after he took office via parliamentary negotiations after his predecessor was ousted.
But the vote was controversial and strongly criticised by opponents who saw it as a political manouevre by the prime minister, who backs resource development as a way to boost the country's weakening economy.
Mongolia last held parliamentary elections in 2012. President Tsakhiagiin Elbegdorj was re-elected for another four-year term in 2013.
Foreign direct investment into the landlocked country wedged between giants China and Russia crashed 74 percent last year, according to the central bank.
In January, a Mongolian court sentenced three former foreign mining executives to prison for tax evasion in a case that sent a further chill over foreign investors. But Elbegdorj issued a presidential pardon for the men in February.
Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

mongolia approves new phase of rio tinto mine project mongolia approves new phase of rio tinto mine project

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

mongolia approves new phase of rio tinto mine project mongolia approves new phase of rio tinto mine project

 



GMT 11:03 2018 Tuesday ,23 January

No end to eyesores at Taj Mahal

GMT 10:31 2014 Tuesday ,23 December

Mirages of failure: Lebanon cannot wait

GMT 00:29 2012 Thursday ,12 January

Chalet Girl

GMT 09:54 2018 Wednesday ,24 January

'Friendly and kind' N. Korean skaters

GMT 23:48 2017 Friday ,28 July

Japan Core Consumer Prices Up 0.4 Pct in June

GMT 15:59 2011 Saturday ,19 November

Actress\'s death 30 years ago to be re-examined

GMT 04:21 2015 Tuesday ,24 March

Egypt chooses cooperation regarding Nile River

GMT 23:53 2017 Thursday ,12 October

Dozens of mercenaries killed, wounded in Taiz

GMT 01:09 2012 Thursday ,24 May

17 tips for healthy hair and skin

GMT 13:53 2011 Friday ,18 November

Climate impact risk set to increase

GMT 12:49 2017 Thursday ,26 January

RBS hikes charges for US mis-selling claims

GMT 13:52 2011 Wednesday ,24 August

Amaan, Ayaan album presents a mix of east and west

GMT 23:01 2017 Tuesday ,17 October

Fire at carpentry workshop in Saudi capital
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice