Finance MinisterS.Bayartsogt and Mineral and Energy Minister D.Zorig told media onWednesday afternoon that the National Security Council, at its meetingyesterday, had approved the investment agreement on Oyutolgoi in theform it has acquired after the latest round of negotiations. TheGovernment will now ask Parliament to ratify the text of the agreementat a special session.

Theministers announced that the Mongolian Government will own 34 percentshare in the project without paying anything. The two sides have alsoagreed to accept the tax proposals recommended by Parliament in itsresolution No. 57. The investors have agreed to pay 68 percent windfallprofit tax for now but the Government has pledged to abolish the taxwith effect from January 1, 2011.

The initial amount of investment in the project will now be USD4 billion, and not the earlier agreed USD5 billion.

Prime Minister S.Bayar is expected to meet the Speaker tomorrow with a request to call a special session of Parliament.

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