Agreement on Oyu Tolgoi could mean work to begin in July
Thursday, 21 June 2007
The Mongolian National Parliament
is expected to revise its windfall profit tax regulations to allow work
to move ahead on the Oyu Tolgoi copper and gold mines.
Canada's Ivanhoe Mines Ltd.
had been negotiating with government officials regarding the impact
of the 2006 legislation imposing a 69 percent tax on mining profits.
With some resolution to this issue at hand, officials believe exploratory
work could begin as early as July at Oyu Tolgoi. Full-scale mining is
expected to begin in late 2009 or early 2010.
It is possible the cabinet
may take up the issue this week.
Oyu Tolgoi is located 80 kilometers
north of the Mongolian-Chinese border. Ivanhoe and Rio Tinto are planning
to jointly develop and operate the site.
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