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Friday, 10 August 2007 |
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Parliamentary Working Goup >>> Parliament decided to establish a working group to further examine Oyu Tolgoi agreement ::: No official announcement on timeline yet ::: It will be a non-partisan, multi-party group :::
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Friday, 10 August 2007 |
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Interview with Ch. Khurelbaatar >>> State Secretary of ministry of Finance, leader of the working group ::: License belongs 100% to Ivanhoe Mines (IVN) ::: The site was discovered by IVN ::: According to 2007 mineral law, Gov. can only get 34% tax maximum. ::: Windfall tax law deals with raw copper, IVN will produce processed copper, so windfall does not apply to IVN. ::: Current agreement suggests Mongolia will receive directly and indirectly 55% of profit. ::: If this parliament does not approve, the wait is for after 2008 elections. //
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Thursday, 09 August 2007 |
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Ivanhoe Agreement Update 2 >> MP's
Z. Enkhbold and N. Batbayar of the Dem Party questioned the agreement
working group members intensively. The leader of work group Ch.
Hurelbaatar could not answer several key questions. ::: Minister of
finance Bayartsaihan left thediscussion for a cabinet meeting, causing
outrage among many parliament members.//
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Thursday, 09 August 2007 |
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Ivanhoe Agreement Update 3 >> N.
Batbayars questioned if exempting Ivanhoe for 5 years of wind fall tax
of 68% is legal ::: Hurelbaatar replied that with a 68% tax Mongolia
will not be able to attract any investors. :::: Calculated by today’s
copper rate ($7972/ton) the tax exempt would be 4 billion dollars. :::
According to N. Batbayar the investment for oyu tolgoi is only 2
billion and he feels the tax exempt is against the law. //
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Thursday, 09 August 2007 |
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Parliament discusses Ivanhoe Agreement >> Democratic Party emphasizes the agreement will last for 80 years and shouldn't be rushed ::: The Standing Committee on Economic Policy will look further into the agreement ::: MP. Gundalai expressed his arguments against the agreement in a 20 minute long monologue //
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