Turquoise Hill CEO Kay Priestly said, “The Investment Agreement is mutually beneficial for the Mongolian Govern-ment and investors. We have invested nearly $6 billion, created thousands of jobs for Mongolians, and are on the verge of production based on the Investment Agreement, which provides a stable legal framework and is a legally-binding document. The Investment Agreement has been fundamental in building Mongolia’s reputation as an increasingly reliable and secure destination for foreign investment.”

Turquoise Hill holds a 66% interest in the Oyu Tolgoi project. The Mongolian government holds the remaining 34%. Rio Tinto holds a 51% controlling interest in Turquoise Hill.

On October 9, Turquoise Hill reported that construction at the Oyu Tolgoi pro-ject is essentially complete. Construction of the power transmission infrastructure in both Mongolia and China is complete, and the power lines have been success-fully tested with full power loads and are ready for use. Negotiations with Chinese authorities on a power purchase agreement were progressing.

Once a final power agreement has been concluded, first ore is expected to be processed through the Oyu Tolgoi con-centrator within six weeks. First concen-trate production will follow within one month, and the start of commercial pro-duction is expected three to five months thereafter.