Ulaanbaatar, Mongolia – Oyu Tolgoi LLC representatives participated in the Transparency of Extractive Industry Consultative Forum, highlighting the steps Oyu Tolgoi and Rio Tinto take for transparency of the business. The forum was held on 22-24th of April in Ulaanbaatar.

Oyu Tolgoi Communities General Manager Sh.Baigalmaa and Chief Counsel D.Amarbayasgalan participated in the ‘Communities experience’ and ‘Contract transparency in Mongolia’ panel discussions sharing its best transparency practices. OT’s Chief Counsel Amarbayasgalan Dashnyam sat on the panel ‘Contract transparency in Mongolia’, where he discussed the role Rio Tinto plays in the transparency initiatives taken across the extractive industry over the years, specifically at Oyu Tolgoi LLC.

As the founding member of the Extractive Industries Transparency Initiative, Rio Tinto pioneered many industry leading initiatives such as publishing Transparency Statement and its annual taxes paid report. Simone Niven, the Group Executive for Corporate Relations at Rio Tinto, who is also a Board Member of EITI International, notes that greater transparency and accountability is key to building trust and encouraging sustainable business practices. The Transparency Statement released by Rio Tinto last year demonstrates commitment and best practices of the company for transparency and disclosure, particularly of contracts with governments and taxes and payments to governments.

Turquoise Hill Resources and Rio Tinto are publicly listed companies in different jurisdictions, therefore foundational investment and financing agreements are publicly available. Oyu Tolgoi’s Investment Agreement and Underground Development Plan were available on www.ot.mn since the day they were signed. Now the agreements are published on www.iltodgeree.mn(The Resource Contracts Database) with a total of 440 contracts made in extractive industry in Mongolia available to public. The Resource Contracts Database is an initiative taken jointly by the Open Society Forum, EITI Secretary of Mongolia and the Ministry of Mining and Heavy Industry to promote transparency for contracts in Mongolia’s extractive industry.

In line with the strategy and efforts towards sustainability and transparency, Rio Tinto started publishing its tax payments and economic contributions in detail in 2010 becoming the first global mining company to do so. This standard is applied at Oyu Tolgoi in an equal measure. Transparency and integrity are the highest value at Oyu Tolgoi. The Way we work, the code of business conduct applied across all entities owned or managed by Rio Tinto, clearly defines how the employees should behave when conducting business, guiding in every step of the work.

Supporting the creation of an empowered and sustainable local community with an entrepreneurial sprit and skills in Southgobi is a high priority for Oyu Tolgoi LLC. The Tripartite Council, equally composed of representatives of Khanbogd soum administration, local herders and Oyu Tolgoi LLC is a good example of transparent and sustainable partnership for the community development. The company was able to establish a stable and reliable mechanism of cooperation and trust through the council, which led to the successful closure of two complaints with the assistance and monitoring of the World Bank Group’s Office of the CAO.

About Oyu Tolgoi LLC (www.ot.mn)

Oyu Tolgoi LLC, Mongolia's largest copper and gold mining company, is a strategic partnership between the Government of Mongolia, Turquoise Hill Resources and Rio Tinto. Located in the South Gobi, Oyu Tolgoi commenced shipment of product to customers in July 2013. Oyu Tolgoi is managed by Rio Tinto, which is investing global expertise and cutting-edge technology to help develop Mongolia’s mining industry and ensure Oyu Tolgoi is one of the world’s most advanced mines. For Oyu Tolgoi, nothing matters more than safety. The business operates under the principle that if a job cannot be done safely, it will not be done at all.

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