WORKING GROUP GIVES REPORT ON OYU TOLGOI PROJECT

Ulaanbaatar, /MONTSAME/ A discussion has been held on the implementation of the Oyu tolgoi investment agreement which was signed six months ago between the government of Mongolia and Canada's Ivanhoe Mines Company.
For the time being, the technical and economic basis, audit, tax guaranteeing, the Company's board of directors and issues concerning the regulations are being implemented. These matters are reflected in 12 vital measures of the contract.
It has been planned to have the Germany-based branch of the PricewaterhouseCoopers--an international audit company--make aun audit in the Oyu Tolgoi project within March this year.
The General Tax Administration is ruling works of ensuring the tax relief. A five-people-working group is investigating in the "Oyu tolgoi" LLC. In accordance with related laws, the State Property Committee and the working group are working out so far a proposal regarding the governmental representation to be included in the company's Board of Directors.
B.Khuder
14.47