All Mongolians Will Benefit From Oyu Tolgoi Says CEO
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McRae says Investment Agreement will build Mongolia’s future
Ulaanbaatar, Mongolia (ot.mn) – Oyu Tolgoi President and CEO Cameron McRae made a presentation last Friday and said that Oyu Tolgoi will benefit all Mongolians, including future generations. Mongolia will get trillions of MNT over the life of the mine – 55 per cent of the mine’s project cash flow.
Speaking at the Metals Mongolia Conference, McRae said: “The next generation of Mongolians is looking at us right now. This project will employ many of their parents. It will help support the creation of training centres in several parts of the country. Oyu Tolgoi may one day even be their future employer.
“Even if Oyu Tolgoi is not in their future career path, the economic benefits from Oyu Tolgoi, if managed correctly, will create new industries that will drive their careers,” he added.
McRae began his presentation by looking at global economic growth and the key markets for copper. “Increased urbanisation in Asia, particularly in China and India, will require a massive amount of construction to support growing cities,” he noted. “The resources developed here in Mongolia will literally be used to build the cities of the future.”
Following this, the presentation focused on the work Oyu Tolgoi is doing to upgrade the technical and vocational educational system in Mongolia. “Oyu Tolgoi has partnered with the Ministry of Education on this effort,” McRae stated. “With the Government, we are creating a system that will support curriculum development and skills training for many decades.”
Oyu Tolgoi is funding the training of nearly 1,200 teachers, and the company has committed to providing 200 domestic and 30 international scholarships for Mongolian students over the next five years.
About Oyu Tolgoi (www.ot.mn)
Oyu Tolgoi LLC is Mongolia’s largest copper and gold mining company and is a strategic partnership between the Government of Mongolia, Ivanhoe Mines and Rio Tinto. Rio Tinto is the major shareholder in Ivanhoe Mines and the manager of the Oyu Tolgoi project. In addition to dividends from its stake in Oyu Tolgoi, the Government of Mongolia will receive taxes and royalties.
Oyu Tolgoi, located in the Gobi desert in southern Mongolia, will be one of the largest and highest-grade copper and gold mines in the world. It is the largest project ever developed in Mongolia, requiring a capital investment for phase 1 of more than US$6 billion.
Oyu Tolgoi is committed to contributing to a sustainable future for Mongolia. At least 9 out of 10 employees will be Mongolian once the mine is in production and Oyu Tolgoi is investing US$85 million dollars (110 billion tugriks) in training.
Oyu Tolgoi’s key priorities are the health and safety of employees, best-practice environmental management, contributing to sustainable communities and always doing business with integrity, for the benefit of all the project’s shareholders and the people of Mongolia.
About Oyu Tolgoi LLC (www.ot.mn)
Oyu Tolgoi LLC, Mongolia's largest copper and gold mining company, is a strategic partnership between the Government of Mongolia and Rio Tinto. Located in the South Gobi, Oyu Tolgoi commenced shipment of product to customers in July 2013. Oyu Tolgoi is managed by Rio Tinto, which is investing global expertise and cutting-edge technology to help develop Mongolia’s mining industry and ensure Oyu Tolgoi is one of the world’s most advanced mines. For Oyu Tolgoi, nothing matters more than safety. The business operates under the principle that if a job cannot be done safely, it will not be done at all.