Long awaited agreement is signed to move Oyu-Tolgoi underground mine. The OT Underground Mine Development and Financing Plan has been signed by the Government of Mongolia, Turquoise Hill Resources, and Rio Tinto to get out of gridlock. The Plan addresses the key outstanding shareholder issues and sets out an agreed basis for the funding of the project.

With a new pathway to development of the underground mine agreed, the focus now shifts to finalizing the project finance, the feasibility study and securing all necessary permits so that the underground mine development can proceed. Mongolian Prime Minister Saikhanbilig Chimed said at the signing ceremony “Mongolia is back to business.

Oyu Tolgoi is a world-class copper-gold asset and its further development is of great economic significance for Mongolia. We have finalized a way forward with our partners, which re-established the foundations of a new and constructive relationship based on mutual trust and our joint long-term commitment to Mongolia’s growth.”

The OT Investment Agreement was signed in 2009 to develop both the open –pit and underground mines. The open-pit mine has been in operation since 2013 and the underground mine development has been frozen because of the dispute between the Mongolian government and Rio Tinto about cost overruns. OT copper-gold deposit expects to support the Mongolian economy to get out of economic difficulties once the underground deposit which accounts about 80 percent of the total OT mine, goes into operation.