All timeline events.

Phase 2 of Oyu Tolgoi construction is projected to begin

This phase includes the Hugo North lift 1 underground mine and the Southern OT open pit[1]

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‘Dubai Agreement’ on Oyu Tolgoi phase 2 is signed

The finance agreement for a USD 4.4 billion underground expansion of the OT mine (OTUMDFP) is signed in Dubai. Not only is it largely publicly financed (including the IFC and EBRD), it also explicitly consolidates the terms of the 2009 Investment Agreement.[1] Read more

Mongolian currency continues to weaken

The Mongolian currency (tugrik) has weakened nearly 40% against the US Dollar since 2013[1] [1] https://www.imf.org/external/pubs/ft/scr/2015/cr15109.pdf retrieved 7 September 2018

Mongolia adopts the Minerals Policy

Otherwise known as “The Policy,” this new policy on the minerals sector serves as a framework for further amendments to the existing mining law and other laws relating to natural resources. The aims of the policy include strengthening private sector development and establishing a stable investment environment. It retains the strategic deposits clause.[1]

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Agreement signed to provide Oyu Tolgoi with power from Tavan Tolgoi

An agreement is signed between the IFC, the ERBD-financed Oyu Tolgoi LLC, and the Mongolian government for the purchase of power domestically, as well as the memorandum for the power purchase between Mongolia and the Tavan Tolgoi coal-based power project. The transmission line from the Tavan Tolgoi plant will provide electricity solely for the Oyu Tolgoi mine. [1]

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The Investment Law of Mongolia passes

This new Investment Law reverses the 2012 Investment Law (SEFIL), provides foreign investors with the same protections as domestic investors, and eases regulatory approval requirements for foreign private investment. [1]

Article 1: “to encourage foreign investment, to protect the rights and property of foreign investors in Mongolia, and to regulate matters relating to the operations of business entities foreign investment.” (Jargalsaikhan 2016: 7; Lander 2013)
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Presidential elections

Tsakhiagiin Elbegdorj is re-elected (Democratic Party).

Rio Tinto suspends the USD 5.3 billion Oyu Tolgoi expansion

In response to a possible tax increase, dispute over costs, and increasing political will to renegotiate the Investment Agreement, Rio Tinto halts Oyu Tolgoi operations and lays off 1,700 jobs. [1]

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President openly questions Oyu Tolgoi Investment Agreement

President Elbegdorj questions the Oyu Tolgoi Investment Agreement (OTIA) in a speech, and raises the question about the need for its revision, so that export revenues remain in Mongolia and more higher skilled jobs are filled by Mongolians.[1] Rio Tinto’s accounts are briefly frozen.

[1] https://www.washingtonpost.com/business/mongolia-amid-influx-of-foreign-money-clashes-with-a-major-partner-mining-giant-rio-tinto/2013/05/03/e66aa832-b0e9-11e2-bbf2-a6f9e9d79e19_story.html?noredirect=on&utm_term=.dc3cde5ad1f3, retrieved 7 September 2018