Rio Tinto Commits to Mongolia

Rio Tinto Commits to Mongolia

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Asian Development Bank

Mongolian Deputy Prime Minister U.Enkhtuvshin met on January 22 this year with the Director General of the Asian Development Bank (ADB) to discuss ADB projects in Mongolia.

The ADB reported that because of certain failures in implementing ongoing ADB projects, new ADB projects for Mongolia will be delayed. Current ADB projects in Mongolia which are running under severe delays include projects such as the construction of Songinokhairkhan District’s Demonstration Hospital to improve the district’s healthcare service, a road in the Mongolian western region being built along a transport corridor that will link Mongolia to Russia and China, and a new wastewater treatment plant in Darkhan City to improve the city’s urban services by replacing dilapidated sewer pipes and upgrading two wastewater pumping stations.

Deputy Prime Minister U.Enkhtuvshin thanked ADB for granting a policy loan of 600 million USD to Mongolia from 2017 to 2020 under the International Monetary Fund’s extended fund facility program. Mongolia indicated its hopes that the ADB will consider possibilities to provide Mongolia with further technical assistance in organizing and bringing the Zamiin-Uud free trade zone online this year. The ADB indicated that it sees development of the free trade zone as important for the development for Mongolia and will examine possibilities for assistance.

Oyu Tolgoi

Turquise Hill, the operator of the Oyu Tolgoi mine announced recently that it has completed the sinking of the Mine’s Shaft 2, having reached the final depth, and completed excavation. This development marks a milestone in the mine’s underground development. The mine is expected to me the world’s third largest copper mine when fully operational.The CEO of Rio Tinto Group, parent of Turquois Hill, Jean-Sebastien Jacques arrived in Mongolia on January 21 for a visit to the Oyu Tolgoi mine. Rio Tinto also announced that it is increasing it’s presence in Mognolia with an office of its own, and plans on a long term cooperation with Mongolia.

According to Rio Tinto, Mongolia is expected to a very important country for the future of the company’s operations. Rio Tinto expects that world demand for copper will increase steadily just as operations from Oyu Tolgoi increase.

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