For the development of the Oyu Tolgoi copper-gold mine, "Investment Agreement" was signed by and between Government of Mongolia, "Rio Tinto International Holdings" LTD, "Ivanhoe Mines" LTD and "Shareholders’ Agreement" was signed by and between “Erdenes MGL” LLC (currently “Erdenes Oyu Tolgoi” LLC), “Ivanhoe Oyu Tolgoi” LTD (BVI), “Oyu Tolgoi Netherlands” BV, “Ivanhoe Mines Mongolia” INC in 2009 respectively. The “Shareholders’ Agreement was amended and restated in 2011.
Followed by Government 348th resolution of 2011 and 28th "Erdenes MGL" LLC Board resolution of 2011, "Erdenes Oyu Tolgoi" LLC (State-owned company) was founded as an affiliate of "Erdenes MGL" LLC. "Erdenes Oyu Tolgoi" LLC is in business after officially obtaining the 34 percent ownership of "Oyu Tolgoi" LLC transferred from "Erdenes MGL" LLC.
The main purpose of “Erdenes Oyu Tolgoi” LLC, regarding to the state strategic mineral deposit is to be the 34 percent shareholder of “Oyu Tolgoi” LLC, and to exercise the rights and duties in respect of the company and the other shareholders.
As of 2021, we are taking the necessary measures to address the challenges of the OT project and increase benefit for Mongolia within the framework of the rights granted by Mongolian legislation, relevant agreements, rules and regulations. We also are operating within the company's 2021 Business Plan and Expenditure Budget, participating in the OT project as a shareholder, providing relevant information to board members and shareholder representatives, and exercising rights and obligations related to owning state-owned shares of OT LLC in accordance with Oyu Tolgoi Investment Agreement and Amended and Restated Shareholder’s Agreement, and cooperating with “Working Group” established under levels of Parliament and Government to resolve the issues of the OT project.