Turquoise Hill Resources Ltd. TRQ

Primary Symbol: T.TRQ

Metals & Mining Industrial Metals & Minerals

Turquoise Hill Resources Ltd is a global mining company that primarily mines copper, gold, and coal in the Asia-Pacific region. The company holds a 66% interest in Oyu Tolgoi, one of the world's largest copper-gold-silver mines, which ships concentrate to customers in China. Oyu Tolgoi is located in the South Gobi region of Mongolia, approximately 550 km south of the capital, Ulaanbaatar, and 80 km north of the Mongolia-China border. The company also holds interests in companies that mine...

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Turquoise Hill Resources Ltd.

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Post by petrojellon Feb 12, 2017 10:22am

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Post# 25833970

Parliament Approves Revised Law On Development Bank

Feb 10, 2017

Ulaanbaatar / Parliament approved a revised law on Development Bank of Mongolia at today’s plenary session. The Development Bank of Mongolia runs activities to finance projects and programs targeted to economic development of the country.

However, the bank has been too dependent on politics and lacked in professional personnel and ran improper activities, including financing social projects and programs which had low economic efficiency. Therefore, the Government developed the revised bill to correct errors and improve the bank’s activities.

The International Monetary Fund recommended to add 13 provisions to the bill and MPs supported it. The proposals included banning Development Bank to have savings from citizens and financing projects and programs jointly with foreign and domestic investors. Members of Board of Directors of the bank should meet criteria to not to have not held political office for the last five years and members can be re-elected once, according to the revised law.

The revised law will be effective on April 01 of this year.

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