It is not conclusive that Rio avoided WHT on interest on shareholder loans, and there is no clear evidence to support the claims of treaty abuse.
Mongolia Mining News
The two countries on 30 March signed a Memorandum of Understanding focusing on geology and development of mineral resources and civil aviation.
A Mongolian former finance minister, Bayartsogt Sangajav, has been arrested as part of an investigation into suspected abuse of power during investment talks for the giant Oyu Tolgoi copper mine in 2009.
Oyu Tolgoi booked $939.8 million in revenue for 2017, down from $1.2 billion the previous year.
Request relates to an investigation about possible abuse of power by authorized officials during negotiation of the 2009 Oyu Tolgoi investment agreement.
Majority owner Turquoise Hill Resources Ltd said that it expected to make up any sales-related effect over the next few quarters.
The Erdenet mine produces 530,000 tonnes of copper concentrate a year.
Move would add further costs to an ongoing $5.3 billion underground expansion of the massive mine.
Tensions have mounted between the Mongolian government and its fellow shareholders in Oyu Tolgoi, where Rio Tinto is operating a huge underground extension.
Ulaanbaatar orders Rio Tinto to build domestic power plant for $5.3 billion expansion of Oyu Tolgoi copper-gold mine.
Some members of Mongolia's parliament sought to limit the number of new resident permits granted to foreigners to 100 per year to protect domestic jobs.
Dutch non-profit organization claims Rio and its Canadian subsidiary Turquoise Hill used a complex network of tax haven subsidiaries and lending money to itself at high interest rates.
The new unit, under Mongolian leadership, will focus on exploration and local ties.
Measure was taken as Chinese coal haulers continue to disrupt deliveries near the border with Mongolia, the mine's majority owner Turquoise Hill said.
Rio Tinto-controlled Turquoise Hill said the bill relates to an audit on taxes imposed and paid by the mine operator between 2013 and 2015.
Erdenet, which produces 530,000 tons of ore annually, is one of Asia’s biggest copper and molybdenum mines and a top tax contributor to the country’s $12 billion economy.
Rio Tinto-controlled Turquoise Hill is also predicting costs to fall about 2.8%.
The European Bank for Reconstruction and Development will acquire a 6.16 percent stake in the Canadian company for 1.4 million Canadian dollars ($1.1 million) to further its exploration in Mongolia.
Accompanied by OT Watch and Accountability Counsel, herders in the South Gobi used the IFC’s complaint office to negotiate agreement.
Mongolia’s renewed efforts to attract foreign investment it’s bearing its first fruits.
Vancouver-based company's Mongolian copper and gold mine expected to be the world's third largest after underground expansion.
While the company had other projects in the country, the Bayan Khundii gold project went from greenfield prospect to being its main asset in roughly nine months.
"Investors are willing to back their positive sentiment towards natural resources with fresh capital commitments," says new study.
MICROMINE implements its fleet management and mine control solution, Pitram at one of the world’s largest copper-gold mines, Oyu Tolgoi
MICROMINE has implemented its leading fleet management and mine control solution, Pitram, at the Oyu Tolgoi copper-gold mine in the South Gobi region of Mongolia.
Restrictions would remain in place for six months, with some mines and areas possibly excluded.