Mongolia Web News, Ulaanbaatar - Ivanhoe Mines (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN) has announced a press statement later today at their Mongolia offices to clarify and comment on recent developments.
In the last period mining has been a hot issue in Mongolia and the subject of popular protests, that have led to political turmoil. Only a few days after presenting their quarterly results Ivanhoe Mines and other mining companies operating in Mongolia were taken by surprise by the sudden passing of a windfall tax on Mongolia's copper and gold mining by the State Great Khural (parliament). International and national opposition has raised the question whether or not the president Enkhbayar will veto the law. Several political parties have announced they would support a veto, but public opinion still seems to be stuck with negative sentiments regarding foreign mining companies. These sentiments could easily result in protests and political instability and that is something the president might have to take into account.
Ivanhoe Mines Press Conference Announced in Mongolia
Archived Comments
Guest
2006-05-24 13:38:30
Watch the feathers ruffle
Guest
2006-05-24 13:52:06
There is nothing wrong with Mongolia demanding some revenue and fairness from mining companies operating within it, but the people and government there have to understand that ridiculous legislation such as that passed last Friday in this windfall tax bill will mean that there will be no foreign investment flow into Mongolia and no jobs created.
Guest
2006-05-24 20:50:10
The development of Oyu Tolgoi and all the other potential mines in Mongolia will bring an enormous amount of prosperity to your country. These developments will not only require mine construction but all of infrastructure to support it. Roads, bridges, railroads, telehone, electric, homes, grocery stores hardware stores hospitals, doctors, dentists, lawyers, mechanics, carpenters, electricians, plumbers, schools, school teachers, truck drivers, and miners. Economist recognize that for every dollar spent in salary that dollar will mutilply by at least ten times in a year. Every dollar spent and earned can be taxed and used to improve the standard of living for all mongolians. I am an investor in Ivanhoe. I believe they are truthful in telling you they want to be fair and equitable. I believe in the mongolian people, that they want to be fair and equitable......This new found wealth is a wonderful thing for the mongolian people. I believe if you look around the world at economically successful countries you will not find anything close to a 68% tax. You will reap far more than that with, again the multiplier affect of dollars being spent over and over. I know that you are fearful that you are being exploited. I don\'t believe you are. You must trust the process of free enterprise.
Guest
2006-05-25 03:48:56
Fellow Mongolians!, Don\'t beleive these kind of bullshit!, WE ARE THE SOLE OWNER OF OUR LAND, THEREFORE, WE ARE IN TOTAL CONTROL. PERHAPS, FOREIGN MONEY WILL LEAVE MONGOLIA, EVENTUALLY WE WILL BE ABLE TO FUND OYU TOLGOI WITH BETTER TERMS PERHAPS WITH Chinese. LOOK at Russia, Putin took control of key natural resources industry back and foreigners still begging for a piece of the action.
Guest
2006-05-25 06:28:40
PUTIN? are you stupid? what kind of example is that! the russians are just as poor as you are. look where they are after a hundred years of bullshit!
Guest
2006-05-25 12:25:01
As Robert Friedland quoted in Maimi, they foreign miners making huge profit in Mongolia such as spent 5$ and earn 100$. So, 68 % wind fall taxes are nothing for them. By the way, it is on excess profit more than 2600$ per tonn of copper and more than 500$ per oz of gold. They were profitable even gold was only 340$ per oz. There is some country such as Russia have that kind of tax law. Even though, recently, USA is considering wind fall profit law on oil companies.
If you guys have any problems with Mongolian Law , just leave the country. We are not Arabic Country where you are making 1000% profit.
Guest
2006-05-25 13:55:36
Yes! Yes! look at Russia. Is that the kind of economy you want. Do you really think Russia is a prosperous country because of their actions. Free enterprise gives every single mongolian a chance to to build something, to create a business to do something to better themselves and their families. This is not only about Oyu Tolgoi, this tax law will affect every other potential mining companies interest in being in Mongolia. They are all watching and waiting to decide whether to continue or pullout. For a company to exist any where in the world, a company must have investors willing to take a risk. There must be the potential for a return on that investment. Your 68% tax makes that possibilty for a return questionable to all the investors who have invested in companies doing business in Mongolia. Governments should and do tax companies, but no where near 68%. You decide!!!!!!! Thanks for listening
Guest
2006-05-25 16:06:52
So nice to see that all the miners care about is keeping the cash flowing into Mongolia and making sure the poor folks have jobs. This is truly unique, because outside of Australia, I can\'t think of a country where the average people have benefited from mining. Maybe you could enlighten me. My Mongolian brothers might want to take a look at the great American state of Montana to see what happens when the altruistic extracters have finished their business.
Guest
2006-05-25 17:31:13
There are hundreds of mines in the US, Neumont mining and Phelps Dodge to name just a couple of the largest in the world.....and yes they do provide jobs and pay taxes..
Guest
2006-05-25 23:39:22
I\'m a small investor, and share holder of Ivanhoe Mining Co. Here in America.
Your ill considered, \"windfall tax\", has reduced the value of the investment I made in your country, and what I belived to be the Beautiful and Rightous Spirit of the Free People of Mongolia, overnight, by almost a Half.
How Sad, it tells the World you are not really an Ancient and Wise People, who have finally gained, their long awaited Independence and FREEDOM. But rather a childlike people, who in their first extersize of Freedom, elect a bunch of short sighted greedy Bandits, masquarding as clowns, who would have you belive, that the Real \"Free World\", is going to continue, any investment in the future of \"The Free People of Mongolia\", when it\'s just been demonstrated in the first chance Your, \"Leaders\" had, that their Idea, Of \"Freedom\", is to cut the throat, of the First Honest \"Friend\", the \"Free People of Mongolia\" ever Had. As Far as Mining companys go in this world, Ivanhoe, is what was, Mongolia\'s great Good fortune to Be Befriended by, thats the one, the same one I apparently was so foolish to invest a portion of my hard earned savings, into,,, Why, for several reasons, really, but what they all shared in common, was my fundemental hope for the Continued Freedom, and to feed the seeds of Prosperity, which give strenght to an Independent People, that they might wax Strong in the Beliefs of Justice and Freedom, for All.
You Might say that what I was really investing in, by, deciding to help fund the development of the possible natural treasures,hidden in the Lands, around the Great Gobi Desert, was not, just those, shinny bits of useful metal, the world now seems so hungry to gather up and hoard together, but a sort of money where your mouth is investment in the Hearts, and What I believed was, the Beautiful Spirit and love of Freedom, I heard tell of about the Newly Independent and Free People of Mongolia.
Yet now, I along with the other People, Company\'s, and Businesses, of the Real \"Free World\", who are, indeed and fact \"Free\", yea even, Free to invest our, own, hard earned money, in any, of tens of thousands of companys and Enterprises, throughout the world, Yet did, choose, Ivanhoe Mining and the People of Mongolia, to invest and believe in, and hoped to stand with now and into the future, in Freedom Justice and Strenght.
Sadly, what is the news I hear the good my investment has done, for the cause of Freedom to and for the Mongolian People.
Fair and Just Laws being the heart of Freedom, what wicked news, is this I\'ve read, comming out of the Far Eastern Desert like, a bad ill faithed wind. Have the Freedom Loving People of Mongolia gone insane, Is this some kind of , sickly \"Joke\",, They say, the Leaders of The Proud and Free Mongolian People, have this to say to the like of myself, and thousands of other small investors, accross the free world, from where, the finincial backing of Ivanhoe, Mining Company, has in a large part come from,
that we are being told,,, \" Ah Ha Ha,, We heard that you actually might have found something of value, out there in OUR Desert,,,Well guess what,, HA HA , We got ourselves a \"New\", Law.,.. Ha ha, too bad,,, we , fooled you, no matter what you do, no matter how much you work on it, or go about making it all possible,,, you get,,,Nothing, Arn\'t we , Clever, See were, not just free, but \"Rich\" too! If you don\'t like it, just get out, we\'ll make a better deal or same with someone else, HA HA, Nothing you can do about it, cause were, FREE!
How Sad! Do the People of Mongolia, really believe, any company, from the \"Real Free World\", or any, Indiviual living in a actual Free Society, is going to ever again, believe in, or send even, one copper penny ever again, to help, a People who trust in and elected as their leaders, a bunch of short sighted , self serving, deluded by images of grandue, puffed up, greedy politicans, just so to have the opprotunity, to be allowed to enrich these same Enemys of Freedom and Justice. Hell no, Sure we\'ll have to lick our wound, in the end it will just be a sad unsavory , \"Write off\" for most of us.
THe real one\'s to lose will be the People of Mongolia,, as I belive, the chance of any country, or people who might be in any position to truly be a helping hand, to them, in Justice, with a true Love and Shared Respect for their Freedom, and Soverignty, will go no where near them, as it was made clear that there is , No real freedom or Justice in Mongolia, Save for them, themselves,,, so,,, So be it,, Go on from here,,and tell this Lover of Freedom,,, take it or leave it,,, I\'m afraid, you will learn, that we will simpley ,, Leave It. because what you have told the People of the Free World, is, Go away,,, No Rightous, Win, Win , Deal here possible here,, We don\'t need you, we make better deal with someone else now. Ha Ha, Pay New Tax, Now, or get out, you stupid, Freedom loving Cowboy\'s.
\"Tax\",Ha!,,,\"Banditry\" clothed in the Arrogance, of Little Political Despots, puffed up by what they percive to be the Power, they are Free to flaught.
How sad, it would be, if the People of Mongolia were to sell there new found \"Freedom\" so Cheaply.
The loss of my Humble savings that , I choose to invest in the future of Mongolia, is nothing compared to what the People of Mongolia, if this ridiculus heavy handed , spur of the moment \"Tax\", becomes the \"Law of the Land\" in Mongolia,. Only Freedom Loving Mongolian\'s will be the really big loosers.
I belive it will cost them their very , new found Freedom. Break Ivanhoe, and you cut off, any and all meaningful investments from the Free World, for decades to come, if not forever.
What will there be left then for the People of Mongolia, the cat is out of the bag so to speak, You will, like it of not, have to ,, \"cut a deal\" with someone, No! I\'m afraid, whats left of the World, will not stop hounding you till you do,, and What left?
A Hungry Bear, over you, and a Insatible Dragon, beneath you. I\'m sure, your wise and clever leaders, will have no problem, working out a even better deal with one of them, despite both of these other \"Prospective,Partners\", Only known method of conducting a \"Mining Business\", includes, the Idea, and treatment of the People of the Land, of the \"Host\" they have agreed to Help Mine the treasures of, to be considered, and included in the overall \"Business Plan\" , as important assets in that they ultimately represent, a conviente, local, pool of easily gathered up, Slave Laborers. But pay no attention to that, unsavory bit of Long established Business History on the part, of your Neighbors. The one to the South is really not a Dragon, they, really just want to be your friends,
And those guys up north, with the 150 Tank Regiments along the border, manned by troopers, who havn\'t been paid for two months, their really not, as hungry as Bears, they just want to be your \"Friend\", Too.
I\'ll hold my shares of Ivanhoe, rather than try to cut my losses, Why, for the sake of and my belief in the Spirit of the Freedom Loving People of Mongolia, and if, It should come about that in the end, they become completey worthless, as so many Paper promise\'s have proved to be, even to Freedoms Face, I will continue to Pray for What was once the Spirit of a Great People, Who on the very threshold of not just Freedom, but true Posperity, allowed themselves to be sold back into slavery, by a handful of puffed up, short sighted, greedy little men, who really cared for nothing, but themselves, and their false pride, and squandered, the first and only chance at true prosperity, for their people, to come along, in 800 Years.
yea I\'ll hold my Ivanhoe shares, not sell them out, an pray,, pray, that the Spirit of Truth, reach into the hearts of the Mongolian People, and they be saved from partaking in this bait, which is the trap that is meant to steal both their their Freedom\'s, as well at the great blerssings endowed within their land by the hand of creation, and turn the very blessing that was meant to strenghten and prosper their Nation, but also to insure, that they the Son\'s and Daughter\'s of The Great Khan, would be welcomed and greeted among the nations and people of the Free World as our Equals, and who deserve our trust, an to whom, it is a Honor, to stand beside, in another, Land of the Free, and Home of the Brave. For this, oh, People of Mongolia, I will Pray, I will Pray for this,, For You, as you already have the money, I could afford to send towards you.
When faith is broken by one who was trusted in, and belived, the only blessings that can henceforth be bestowed, or rendered upon, are curses, upon the very head of the one, from whom faith retreated. God Save the People and the Freedom of the People of Mogolia, Amen.
Guest
2006-05-26 10:13:33
Everybody in their heart knows what is fair. Is this law fair? I am not sure. I see Ivanhoe\'s point, but I also see the point of those proposing the Windfall Tax......However, one point is certain which is Ivanhoe have already spent lots of money (US$300 million I have heard) to try and start Oya Tolgoi. This money is already spent and will not come back. Ivanhoe deserve to get some reward for this. Mongolian\'s you must present them with a solution that is fair! They do not think this law is fair. Are they being greedy? Maybe, but with calm and rational thought a solution can be found. Hurry!
Remember, God gave us this earth for us to use. The earth is very old and we humans are new comers to it. No matter what we do, the earth will continue for billions more years, and us humans will not even be here. The copper and gold mined now will eventually return back to the ground. My point is there is nothing morally or spirtually wrong with mining. Those who think there is attach more importance to us humans than we deserve, and do not truly understand the immensity of time and the nature of the creation of the earth and the universe. I should stop...
Signed,
A white person with blood ties to Mongolia
Guest
2006-05-26 15:42:01
As a small investor in Oyu Tolgoi I would like to apologize to the mongolian people for the previous letter. I believe it comes from frustration.
Guest
2006-06-02 05:08:26
Dear Fellows, could you understand that 68% tax will cover only ore and concetrate but final product. So, who is willing to produce the final product welcome.
Comments
Post new comment