Mongolian representatives to talk with Rio Tinto investors

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Mongolia-appointed new board members of a joint venture with mining giant Rio Tinto will soon head to London for talks with the investors of the Anglo-Australian company.

According to local media on Tuesday, the Mongolian government replaced domestic board members of the Oyu Tolgoi open pit and mining project with younger, fresher and English-speaking people about a week ago. The new board meeting will be held this week.

As the stand-off between Rio Tinto and the Mongolian government continues, the Asian country's FDI fell by 41 percent and Rio Tinto announced a halt to the development of an underground mine estimated to hold 80 percent of Oyu Tolgoi's value.

Facing with deteriorating economic condition and shortage of hard currency, the Mongolian government is pushing Rio Tinto to resume the underground mine development and continue its investment in the country.

Rio Tinto has tried to get approval from the Mongolian government for its project financing proposal to fund development of the underground mine since last winter. However, the government did not respond and its position remains unclear.

According to the proposal, Rio Tinto was to get 4 billion USD financing from a dozen of the world's leading banks, such as International Finance Corporation, a private financing arm of World Bank, European Bank for Reconstruction and Development, BNP Paribas, the U.S. Export-Import bank, Export Development Bank of Canada,and Standard Chartered Bank.

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