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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (41910)	8/20/2009 7:19:03 PM
From: LoneClone	Read Replies (1) \| Respond to of 193970

Oyu Tolgoi copper/gold mining agreement being considered today A two-day extraordinary session of the Mongolian Parliament convenes today to consider finally approving the Oyu Tolgoi Investment Agreement and changes to Mongolia's mining, water and transportation laws. Author: Dorothy Kosich Posted: Wednesday , 19 Aug 2009 RENO, NV - mineweb.co.za The Mongolian Parliament will convene today in an extraordinary session regarding Mongolian Government proposed draft amendments to the county's mining windfall profits tax, corporate income, water usage law and transportation laws which are needed to complete the Oyu Tolgoi Investment Agreement. The Mongolian Government said 20 new covenants had been inserted into the agreement including cancellation of the nation's three-year-old 68% windfall profits tax beginning on January 1, 2011. Other changes include giving the Mongolian Government a 34% equity interest in Ivanhoe Mines Mongolia, which holds the Oyu Tolgoi licenses. Ivanhoe and Rio Tinto are joint venture partners in the project. A number of the changes to be made by the Parliament are also expected to be applied to other future Mongolian mining projects. The Parliament's Standing Committee on Budgets is scheduled to discuss the windfall profits tax annulment and changes to the corporate income tax today. The Standing Committee on Nature, Food, Agriculture and Standing Committee on Economics will discuss the legal changes to the water law and transportation. The Oyu Tolgoi mine, located north of the Mongolia-China border, is expected to produce 35 billion pounds of copper and 11 million ounces of gold.