Government of Mongolia signs Oyu Tolgoi Agreement on October 6

The Mongolian Government (GoM) signed the long-awaited Oyu Tolgoi agreement in a special state ceremony on October 6 in the Great Hall of Government House on Sukhbaatar Square . The ceremony was attended by President Ts. Elbegdorj, Prime Minister Sanjaa Bayar, State Great Hural Chairman D. Demberel, together with cabinet ministers and Members of Parliament, other high level officials, as well as representatives of business organizations, and NGOs.

October 6 was selected for the signing because the date was certified by the learned astrology lamas at Gandan Monastery as the single most auspicious day of the year, according to the Mongolian Buddhist calendar. October 6 is also a popular day for weddings, moving into a new home, starting a new business, etc.

Signing for the GoM were D. Zorigt, Minister of Mining and Energy, who headed the GoM Negotiation Working Group,  Minister of Finance S. Bayartsogt and Minister of Environment and Tourism L. Gansukh.  From the investors’ side, the agreement was signed by Bret Clayton, Director of the Copper and Diamond Division of Rio Tinto International Holdings Ltd., Keith Marshall, Managing Director of Ivanhoe Mines Mongolia Inc and a member of the NAMBC Board of Directors, and Peter Meredith, Deputy Chairman of Ivanhoe Mines Ltd.

The shareholders’ agreement was signed by B. Enebish, Executive Director of Erdenes MGL and John Fognani, Esq., ice President of Legal Affairs of Ivanhoe Oyu Tolgoi BVI, Peter Meredith, Deputy Chairman of Oyu Tolgoi Netherlands BVI and Keith Marshall, Managing Director of Ivanhoe Mines Mongolia Inc.  The Advance Payment agreement was signed by Finance Minister S. Bayartsogt and Keith Marshall.