Monday, September 14, 2015

[BREAKING: Erdenes announces OT has all critical GoM approvals to commence underground development]

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Monday, September 14, 2015

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Mogi: this press release was delivered via email update subscription on Erdenes OT’s website but could not be found on the actual site

EOT: Government of Mongolia delivers all critical approvals for Oyu Tolgoi Underground construction to commence

14 September 2015, Ulaanbaatar -- Erdenes Oyu Tolgoi LLC wish to announce that all critical Government of Mongolia approvals required from its agencies and institutions in respect of Oyu Tolgoi (OT) project have now been delivered, including the following:

·         Acceptance of the OT Feasibility Study by the Mongolian Minerals Council that aligns with the underground mine development plan

·         Confirmation provided to World Bank's Multilateral Investment Guarantee Agency, stating that the Government has no objections to issuing a guarantee pursuant to the requirements of the international lending institutions

The above steps have been approved by the Government in accordance with the OT Underground Mine Development and Financing Plan (Underground Development Plan) that was approved on 18 May 2015. These actions allow the OT LLC joint venture partners to progress their discussions with the international banks and multi-lateral lending institutions to rapidly advance the Underground Project Agreements in order for the underground stage of the world-class Oyu Tolgoi Project, which comprises over 80% of the Project’s total resources, continues on its positive path towards production.

Davaadorj Ganbold, chief executive of Erdenes Oyu Tolgoi LLC said: “The decisive actions and expeditious approvals secured by Government of Mongolia in relation to its commitments under the Underground Development Plan again confirms the Government’s resolve to rapidly bring this world-class resource into production and on a broader level further demonstrates that Mongolia is open for business.”

Link to Erdenes OT website



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