Mongolia Seeks More Tax From Rio Tinto Mega Project: "Turquoise Hill Resources, majority owned by Rio Tinto, has rebuffed a second request from the Mongolian government to renegotiate the terms of an investment agreement, which provides generous tax concessions for the company's flagship Oyu Tologi copper mining project that is due to begin operations in 2013.
In an agreement signed in October 2009, the Mongolian government agreed to provide corporate income tax concessions and significantly reduced mining royalties for the life of the mine.
The terms of the agreement were subject to a failed challenge by the previous government in 2011, and the new government, which took over the reins in August 2012, has sought to revisit the issue in a budgetary proposal tabled recently before the nation's parliament."
'via Blog this'
