Mine Fued

Mongolia now wants a bigger stake for gold and copper mines with companies Rio Tinto and Ivanhoe.

The Oyu Tolgoi mine is now being forced by the government to increase its stake after a signing of a contract in 2009, the ministers of finance and minerals have put the go ahead for the outcome just to increase profits. 

At the moment both Canada’s and Australia’s top mining companies (Ivanhoe and Rio tinto) are both working on the billion dollar mine, but public and public service people are demanding that more is put into the project to increase the stake.

34% is owned by the Mongolia but people want more than 50% to be given to Mongolia, the new statements have said that this is fair and there is no need to go over the demand.

Cameron Mcrae, the chief executive officer said “the investment agreement gives Mongolia the benefits of ownership, while not requiring the government from having to put up any money up front,”

The mine produced over 1.2 billion pounds of copper and over 650 thousand ounces of gold, which is one of the most talked about mines for the buy gold sites.

The change is undergoing but still yet to be given permission .