H.Spencer: Rio Tinto still has a hope for Oyu Tolgoi

Ulaanbaatar /MONTSAME/ Vice president of Oyu Tolgoi (OT) H.Spencer told at the Mongolian Mining Summit (MMS) Thursday that the short-time problems should not be seen as an immense burden to the ongoing projects in the mines. Some may think that Rio Tinto has lost its hope in Mongolia due to some sour news over the disputes in the project financing, cost overruns and other issues, he noted, however, discussions on the issues must be overcome as part of the OT’s underground mine. He said they have been implementing long-term projects in OT that should not be assessed by provisional delays. Mr Spencer is also a Rio Tinto representative on the Oyu Tolgoi executive committee. Attending the summit, a Chairman of the Board of Directors of OT, G.Batsukh also touched upon the above disputes in his presentation. "Mongolians consider themselves as good problem-solvers, who are not afraid of new things," he noted. "We are sure that natural resources should be a gift for us, not a burden". "Many more investors will receive great outcomes of being patient and tolerant to our government’s long term affirmative tendency on the matters, as ongoing challenges may occur in any democratic country," Mr G.Batsukh said. "What we can learn from OT is that investing in Mongolia requires long-lasting trust and persuasion, and today’s challenge is a mere moment in a history to success". MMS 2013 is an Australian event to foster participation in some of the world’s biggest undeveloped mineral reserves that ran October 29-31 in Burswood, Australia. MMS 2013 included insights from 14 Mongolian based mining insiders giving real insights into how to improve government relationships, partner with local companies and understand the investment opportunities and challenges, with some project showcases of Ukhaa Khudag (UHG) Coking Coal Mine, Oyu Tolgoi, Ovoot Coking Coal Project Tsagaan Uvuljuu Project and South Gobi.