Oyu Tolgoi Company named top taxpayer of Mongolia

Odonchimeg 2016-05-16 07:05

Economy

Oyu Tolgoi Company was named as top taxpayer of Mongolia for 2015.

Mongolia’s largest copper-gold Oyu Tolgoi Company was named as top taxpayer of Mongolia for 2015. The General Authority Department of Taxation and Customs named Oyu Tolgoi a top tax payer, of which the tax paid, totaled some 560 billion tugriks. Oyu Tolgoi LLC, Mongolia's largest copper and gold mining company, is a strategic partnership between the Government of Mongolia, Turquoise Hill Resources and Rio Tinto. Located in the South Gobi, Oyu Tolgoi commenced shipment of product to customers in July 2013. The development of the underground mine at Oyu Tolgoi was recently approved, marking the beginning of the next phase in the development of the world-class resource. The decision followed approvals by Rio Tinto, the Government of Mongolia and Turquoise Hill Resources to invest USD 5.3 billion to expand the mine, and the recent granting of all required permits. Work on the project will begin from the middle of this year and first production from the underground mine is expected in 2020.