PM ORDERS TO LAUNCH CONSTRUCTION OF TAVANTOLGOI POWER PLANT

Ulaanbaatar /MONTSAME/ The Prime Minister Ch.Saikhanbileg Wednesday convened M.Enkhsaikhan, the Minister of Mongolia, and B.Byambasaikhan, Executive Director of the “Erdenes Mongol” company, at the “Hour for solution” weekly meeting to receive reports on current process of mega-projects.

M.Enkhsaikhan reported that one of the biggest investors of the Oyu Tolgoi project–“Turquoise Hill Resources” company–has issued a financial guarantee of one billion UD dollars for raising money for a construction of the power plant of the Tavantolgoi mine. “This is an expression of trust of the company in works at the ground mine of the Oyu Tolgoi,” Enkhsaikhan noted.

After him the PM said the governmental started the biggest construction in the energy sector, and emphasized that investment matters for the “Booroljuut” and “Tevshiin Gobi” power stations were forwarded during his visit to China. “A construction of the 5th Thermal Power Station has launched after the establishment of selling and purchasing contracts. An investment for the ‘Baganuur’ power station has been tackled positively as well. All the good news definitely will promote trust of both domestic and foreign investors,” the Premier stressed.

He ordered the “Erdenes Mongol” company Executive Director to maintain the positive tendencies and obliged M.Enkhsaikhan to pay attention to starting the construction of the Tavantolgoi’s power plant in spring of 2016.

Financing and constructions of ground mines of Oyu Tolgoi are continuing normally, in accordance with the plan, B.Byambasaikhan said and stressed the Turquoise Hill Resources company’s financial guarantee for the Tavantolgoi power plant has given investors opportunities and a confidence in low expenses and high benefits of the project. He also said the financing for the OT project has been transferred to 14banks.

B.Khuder