OYU TOLGOI LLC ISSUES STATEMENT

Ulaanbaatar /MONTSAME/ "Oyu Tolgoi has delivered construction ahead of schedule and in line with the budget submitted to the Oyu Tolgoi board and government shareholder representatives", said Rio Tinto Copper Chief Executive Andrew Harding. Mr Harding said in a press statement released Thursday by the OT LCC in response to the OT shareholders' meeting which ran Wednesday. "We produced our first copper concentrate last week, and remain on schedule for commercial production in the first half of 2013," he added. “Nevertheless, substantive issues about the ongoing development of the project have been raised by all shareholders. The meeting was an opportunity to exchange perspectives on those concerns. Financing, constructing and operating one of the world's largest copper mines is an admittedly complex matter,” said Oyu Tolgoi CEO and president Cameron McRae. “We have always been fully transparent with all our shareholders regarding our project finances, costs and operations. We will continue to hold as many frank and open discussions as needed to help clarify issues raised by the Government of Mongolia,” Mr Harding said in the statement. "Construction remains on budget, coming in at US$6.2 billion, which is in line with the project estimate submitted to the Oyu Tolgoi board and government shareholders in December 2010". B.Khuder