PM Saikhanbileg says OT Underground Financing to be signed December 16

In a nationally televised address on November 26, marking  the first anniversary of his election to head the Mongolian government, Prime Minister Ch. Saikhanbileg declared that the US$4.2 billion international financing package for development of the Oyu Tolgoi underground phase has been finalized and that an official signing  ceremony would be held in UB on December 16. In remarks in Sydney on November 26, a senior Rio Tinto executive confirmed that project financing is near completion and that Rio expects to move forward early in 2016. "At the end of the day, what we need is consistency and stability and we believe we have the right environment today," Rio Tinto copper and coal chief executive Jean-Sebastien Jacques told a Bloomberg News forum. "As we speak, we are putting together the project finance and anticipate that will happen this year," he said. The Prime Minister also reviewed developments, achievements  and challenges over the past 12 months to improve the business and investment climate, advance infrastructure projects, reduce the budget deficit, increase transparency,  implement tax reforms and growth incentives, move forward with legal reform, and expand the nation’s international relations. An unofficial English summary of his speech prepared by our brother organization, the BCM, may be accessed below. For updated info on Oyu Tolgoi, visit www.ot.mn.