APRIL 11 (more)
OUR OPINION • Position of Mongolian Government has not changed from previous position as illustrated for example by persistent issue of sunk costs delaying forward-looking project finance • If the such position will remain in OT-related resolution and proposed bill on OT Stage 2 , then there would be no point in OT-related resolution and the bill, as there would be no conclusion to GoM discussions with Rio Tinto, no underground mine and no project finance • Resource nationalist/populist sentiment still strong in Mongolian Parliament