Some of the disputes between Mongolia and the Rio Tinto Group have been resolved and it is hoped this would restart the expansion of the USD6.6 billion Oyu Tolgoi copper mine. This was confirmed by a member of the board of directors for the said venture.
According to Davaadorj Ganbold, one of three locals who sit on the board of Oyu Tolgoi LLC, "Within the last ten days, we could resolve certain issues; we have reduced the state of urgency." He made the remarks during an interview in Ulaanbaatar and said there were still some matters needing agreement and finalization.
Ganbold continued, "Issues related to cost overrun, the feasibility study and project financing are large and broad issues that cannot be resolved in four or five days." Ganbold had been a member of the board since September. He also stands as the executive director for Erdenes Oyu Tolgoi LLC, which is a company that holds the Mongolian government's 34% shareholdings in the mining project.
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