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Mongolia Mining Forum: Ivanhoe Mines Ready to Move Forward |
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Friday, 15 September 2006 |
 MonInfo Reports: The new minerals law and windfall profits tax became central points of discussion today in Ulaanbaatar, where investors and government officials publicly debated Mongolia’s mining and mineral development.
“The Mongolian citizens want the government to intervene; these are Mongolian laws, and companies working here must work under them. There are many other countries in the world where they can invest,” said B. Jargalsaikhan, Minister of Industry and Trade, this morning in a discussion with press and industry officials.
Mongolia’s new mineral law allows for the government to invest up to 50 percent in state found strategic mineral deposits, or up to 34 percent in deposits found with private funding. However, the mechanisms for government investment have yet to be determined.
“The government of Mongolia has to pay through some sort of equity ownership,” said Ts. Monkh-orgil, MP and chairman of the standing committee on law. “But, it is not clear how exactly the system will work.”
Government officials continually referred to Oyu Tolgoi, the enormous copper-gold deposit in the southern Gobi, which has become the flagship project for Canadian Ivanhoe Mines Ltd (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN).
“We, and the Mongolian government, has always said that after the new tax package and minerals law were finished, it would be time to move forward with Oyu Tolgoi. We are keen to do this now,” said Ivanhoe’s Executive Vice President for Corporate Affairs, Layton Croft.
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