Ulaanbaatar /MONTSAME/.  On February 09, Speaker of the Mongolian parliament, State Great Khural G.Zandanshatar issued an ordinance to set up a working team responsible for overseeing the implementation of the 92nd parliamentary resolution of 2019 on ‘ensuring interests of Mongolia in the exploitation of the Oyu Tolgoi gold-copper mine’. 

The Parliament adopted resolution No. 92 on November 21, 2019, which instructs the government of Mongolia to take measures aimed at improving contracts related to the Oyu Tolgoi project, namely, Oyu Tolgoi Investment Agreement (October 2009), Shareholders’ Agreement (2011) and Oyu Tolgoi Underground Mine Development and Financing Plan (2015) in line with corresponding legislation. 

Following the resolution No. 92, a government’s working group, which was established in 2019 and currently chaired by Minister of Justice and Home Affairs Kh.Nyambaatar, has successfully convened several times and has been working with Oyu Tolgoi’s investor, according to Deputy Chief of Cabinet Secretariat B.Solongoo. 

The parliamentary working team set up on February 10, 2021 under the initiative of the Mongolian Parliament will be working to examine the implementation of the 92nd resolution and to ensure its effective realization.  

Headed by Deputy Speaker T.Ayursaikhan, the working team is comprised of parliament members, representing majority and minority parties in the parliament, including N.Altankhuyag, Sh.Adishaa, D.Bat-Erdene, B.Bayarsaikhan, Kh.Bolorchuluun, J.Ganbaatar, J.Munkhbat, D.Togtokhsuren and T.Enkhtuvshin, etc. 

On February 10, 2021, the working team convened for its first meeting, at the outset of which head of the working team T.Ayursaikhan highlighted that the working team is formed on the basis of shared view that the Oyu Tolgoi Investment Agreement and Oyu Tolgoi Underground Mine Development and Financing Plan, known as the Dubai Plan, are detrimental to Mongolia and do not reflect common interests of the Mongolian people. 

In addition, sub-teams were formed at the February 10 meeting in charge of overseeing each of seven provisions stated in the 92nd resolution. Sub-teams will work to draw a conclusion and proposals on each provision and present them to the working team. 

In particular, the resolution commands the government in seven following areas: 

1) To undertake comprehensive measures to improve the implementation of and ensure compliance of the Investment Agreement and the Shareholders’ Agreement with parliamentary resolutions No. 40 of 2008 and No. 57 of 2009, 

2) To improve the Dubai Plan in accordance with the interests and legislation of Mongolia, 

3) Explore options to resolve investment for 34 percent equity holding by Mongolia through mineral production sharing agreement or mineral royalties for the purpose of keeping the benefits to be gained by Mongolian side at not less than 53 percent under the Investment Agreement and, if necessary, propose State Great Khural to make amendments to relevant laws and regulations.

4) Revise the valuation of copper, gold, silver and other associated elements of Oyu Tolgoi deposit according to international standards enforced in Mongolia and re-develop feasibility study based on the updated valuation and have conclusion drawn by the competent authority, 

5) Renew the Environmental and water assessment, revise the government resolution No. 175, dated June 08, 2011 on ‘Taking the land for public needs’, while reflecting conditions of the Gobi region groundwater use,

6) Take comprehensive measures to implement recommendations and conclusions of the working group established by parliament speaker in March 2018 to review the implementation of the Investment Agreement 

7) Strengthen financial and human capacity of the Mongolian representation in the Oyu Tolgoi project to international standards.