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Mongolian Government Looks to Gain a Larger Slice of Oyu Tolgoi Copper Mine

The government of Mongolia is hoping to gain a larger part of the Oyu Tolgoi mining project. The largest undeveloped copper mine in the world is to be developed by Ivanhoe Mines with Rio Tinto lending its expertise.

The Oyu Tolgoi project is seen as a forerunner for future mining projects in the country. The next major project which may be affected by this decision may include the huge coal deposit in Tavan Tolgoi.

The Mongolian Mining Minister Zorigt Dashdorj made an announcement on Sunday that the Mongolian government was looking to change the terms of the Oyu Tolgoi investment agreement in order for Mongolia to increase its stake in the mine faster.

The present agreement was reached after numerous discussion rounds in 2009. There has been considerable pressure on the mining project from both environment activists and members of the government.

Cameron McRae, chief executive of Oyu Tolgoi responded by saying that they respected the government of Mongolia and when they give them the notification to come talk, they’ll have those talks. He thought what they were demonstrating was that the investment agreement was a contract, and they were going to honour their commitments and they expected the Mongolian government to honour its commitments.

Joel Scanlon

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Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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