Cameron McRae, Rio Tinto’s Mongolia country manager and chief executive of Oyu Tolgoi LLC.

“An unstable environment, where changes to agreements are forced, leads to investors being very apprehensive and uncertain … stability of this agreement sends a very important signal to the world from Mongolia.”

Cameron McRae, Rio Tinto’s Mongolia country manager and chief executive of Oyu Tolgoi LLC.

“If you have bad government, if you have corruption, if you have lot of money, the nation is in trouble, the country is in trouble. I usually listen to our public. If they see something critical, we have to check that. Shifting policies dent the confidence of foreign investors. But losing the confidence of your people is a ger problem.”

Ts. Elbegdorj, President.

“The Government has once again confirmed that the Investment Agreement was signed in full compliance with all laws and regulations of Mongolia…The people of Mongolia are reaping great benefit from the construction of the Oyu Tolgoi project and stand to benefit even more when the project becomes operational. Ivanhoe Mines and Rio Tinto respect and appreciate the position of the Government …  and acknowledge that it acted in accordance with (a) provision of the Investment Agreement in seeking to discuss changes.”

The Government of Mongolia, Ivanhoe Mines and Rio Tinto, in a joint statement.

“The joint statement from the Government of Mongolia with investors is a desecration of Mongolian law. This is unprecedented, and the Prime Minister broke the law. We demand his removal because of this.”

N. Batbayar, DP MP.


“With many significant resources projects still to be financed and developed—including the proposed overseas listing of Erdenes Tavan Tolgoi— we are confident that Mongolia’s leadership understands the fundamental importance of Oyu Tolgoi’s contractual commitments and stabilized investment agreement.”
Ivanhoe Mines.

“OT is committed to fulfilling our promise to Mongolia. At Oyu Tolgoi we employ 10,000 of our fellow Mongolians, we are putting in place world class technology and we are building a community that will be part of Mongolia’s future for generations to come. That is what is important.”

A.Munkhbat, Oyu Tolgoi Senior Vice President.

“Populist rhetoric is the way not to get left behind.”

David Hanbury, ResCap analyst.


“The shared vision and courage of the government and its development partners led to the creation and passing into law of the Investment Agreement. This solid framework gives us the confidence to invest billions of dollars in building this incredible mine. We want Oyu Tolgoi to be a mine that will be the envy of the world.”

Jan Du Plessis, Rio Tinto Chairman.

“Ulan Bator certainly has form in meddling with contracts, and it is hard to escape the thought that Mongolia, which is keen to tap foreign expertise to develop its vast resources, could have been shooting itself in the foot by making such moves in relation to its two flagship deposits.”

Financial Times Tilt.