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09:55 Mongolia is going to give Canadian companies a large deposit, promised Russia

Russia could lose one of the major fields, which should have been awarded under the joint venture of OAO RZD and Mongolia. Ulaanbaatar intends Oct. 6 to sign a new agreement for the exploitation of copper-gold-Oyuu Tolgoya with the Canadian Ivanhoe Mines Russia could lose one of the major fields, which should have been awarded under the joint venture of OAO RZD and Mongolia. Ulaanbaatar intends Oct. 6 to sign a new agreement for the exploitation of copper-gold-Oyuu Tolgoya with the Canadian Ivanhoe Mines, which represents the interests of China, wrote Kommersant. On Thursday, the Mongolian state news agency MONTSAME quoting the chairman of the Parliamentary Committee on Economic Affairs Bayarsayhana reported that the authorities intend to enter into an agreement for the exploitation of copper and gold deposits Oyuu-Tolgoi with the Canadian Ivanhoe Mines Ltd. According to the official signing of the document postponed from September 30 to October 6, because it took extra time to translate the text into English. Bayarsayhan added that the Mongolian authorities may apply to international organizations, including the World Bank, asking for help in raising 820 million dollars necessary to maintain the property in Mongolia 34% in the project. Signing an agreement with Mongolia, Ivanhoe will constitute a violation of agreements with Russia. Oyuu-Tolgoi, as well as coal deposit Tavan Tolgoi, were to be handed over to Russo-Mongolian joint venture, the establishment of which the parties agreed in May during the visit of Prime Minister Vladimir Putin. From Russia participates in the project OAO Russia's Railways (RZD), from Mongolia - the state CCW "Erdenes-IPF" and "Mongolyn tomor zam. Deposit Oyuu-Tolgoi is located in southern Mongolia. Proved and probable reserves for spring 2007 are estimated at 930 million tons of ore containing 0.5% copper and 0,36 g of gold per ton. But just ten days after Putin's visit to Mongolia, elections were held, which resulted in a change of power in the country, and the president became leader of the right of the Democratic Party Tsakhiagiin Elbegdorj. RZD President Vladimir Yakunin, have tried to confirm the previous agreement in June, traveled to Mongolia to celebrate the anniversary of the Ulaanbaatar Railway (on an equal footing belongs to Russia and Mongolia) - and then was pleased with the outcome of the negotiations. To consolidate the success, RZD has decided to invest in railway projects in Mongolia, 8.2 billion rubles of its own funds, adding them to a sharp reduction in the crisis of its investment in 2009. That money, according to Yakunin, has already been invested. Deutsche Bank analyst Olga Okunev believes that the Mongolian project - "not a question of economics, and policy", stressing that the deposit had been promised Russia the former authorities of Mongolia. Ivanhoe is a partner Rio Tinto Ltd., Which in 2007 acquired a 10% stake in the company and has an option to expand its package of up to 40%. But, according to the International Institute for Asian Studies of Leiden, Irina Morozova, Ivanhoe Mines Ltd represents the interests of the Chinese capital, associated with the top leadership of this country. For example, the development Oyuu-Tolgoya proposed Ivanhoe, envisages the construction of the railway only in the direction of China. How great the loss of Russia from the loss of Oyuu-Tolgoya analyst estimate is not taken. "Without the feasibility study can not say that Russia loses, not having received a deposit. Moreover, now many companies are not so many free resources to redistribute them to other projects ", - believes Okunev. Boris Krasnozhenov of Renaissance Capital believe that the loss of share in the field will not affect the RZD infrastructure projects in Mongolia because "the road to the fields need to be built in any case."

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