Major progress on Oyu Tolgoi Underground Phase as Mongolia accepts updated OT Feasibility Study, says yes to MIGA guarantees

Two landmark developments on September 15 signaled major progress towards starting OT’s Phase 2 underground phase: the Mongolian Minerals Council accepted the updated Oyu Tolgoi underground feasibility study and the Government of Mongolia agreed to MIGA guarantees. The GoM provided confirmation to the World Bank's Multilateral Investment Guarantee Agency (MIGA) that the GoM has no objections to issuing a guarantee pursuant to the requirements of the international lending institutions. These two actions allow the OT LLC joint venture partners to accelerate their discussions with international banks and multi-lateral lending institutions to finalize financing for the underground stage of the OT project, which comprises over 80% of the project’s total value.