Mining officials expressed optimism on Friday that the new Mongolian government would pass legislation allowing for the mining of the Oyu Tolgoi copper and gold site located in the South Gobi.
Following the recent swearing in of the parliament, an all-parties committee has been formed to finalize changed in the country’s Minerals Law. Officials said they have set a deadline of November 15 to complete these changes.
"We are encouraged by the initial steps that have been taken by the new Mongolian government and by the communications that we have had with government representatives," said Bret Clayton, Rio Tinto's Chief Executive. "We are looking forward to engaging with the government as soon as possible to complete a competitive Investment Agreement that recognizes the realities of the current international investment environment."
Experts believe the Oyu Tolgoi copper and gold mine may prove to become among the most profitable mines in the world.
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