BCM Newswire: Council Adds 5.7 Million Tons to Oyu Tolgoi Deposit


Finance Minister S.Bayartsogt has said that on March 25 the Professional Mineral Council added a further 5.7 million tons to the initial 25.3 million tons of copper reserve at Oyu Tolgoi that was registered on July 1, 2009. This takes the total reserve in the deposit to 31.3 million tons.
The Council has now asked OyuTolgoi LC to make a fresh economic feasibility study of extracting 14 million tons of copper, identified as profitably extractable only under certain conditions, when global copper price rises and/or the company’s operational expenses decrease. This means the company will have to constantly revise the feasibility study.
The feasibility study approved by the Mineral Council after receiving clarification from the investors will be discussed by the Government. If everything is settled in time and implementation of the agreement begins on April 6, another USD50 million advance tax payment will be due within six months.
Source: Onoodor
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