All timeline events.
Mongolia aims to raise the government stake in the Oyu Tolgoi mine from 34% to at least 40%, change the set royalty rate of 5% to a sliding rate up to 20% in line with copper prices, and eliminate the income tax allowance. [1]
As Rio Tinto acquires a majority stake in Ivanhoe Mines in January 2012,[1] the name of Ivanhoe Mines is changed into Turquoise Hills Resources (TRQ) as of August 2012.[2] Read more
The Democratic Party wins the elections for the Mongolian parliament (State Great Khural) with 35% of the cast votes.
The ‘Strategic Entities Foreign Investment Law’ (SEFIL) / ‘Business Entities Operating in Sectors of Strategic Importance’ is passed. This law limits foreign investment and ownership in sectors like mining to 49%, and is perceived by the mining sector as resource nationalism[1].
The World Bank provides a ‘Strengthening Governance Credit’ worth USD 1,2 million.[1]
Read more
Rio Tinto wins in an arbitration case from Ivanhoe Mines, which tried to prevent a Rio Tinto take-over.
An ‘Amended and Restated Shareholders Agreement’ (ARSHA) is signed by Erdenes, Ivanhoe Oyu Tolgoi, Oyu Tolgoi Netherlands B.V., and Oyu Tolgoi LLC (formerly known as Ivanhoe Mines Mongolia Inc.)
Mongolia experiences 17.3% GDP growth,[1] making it the economically fastest growing country in the world.[2] Read more
The World Bank provides Mongolia with a Mining Infrastructure Investment Support Project worth USD 25 million.[1] Read more
Turquoise Hill Netherlands is a little-known Amsterdam-based company with three employees, no office, and not even its own mailbox. To the government of Mongolia, though, the company represents billions in taxes that it will never see[1]. See full analysis by SOMO[2].
[1] http://www.reuters.com/article/us-dutch-mongolia-tax/special-report-in-tax-case-mongolia-is-the-mouse-that-roared-idUSBRE96F0B620130716 retrieved 7 September 2018
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