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Mongolian Parliament approves resolution to improve Oyu Tolgoi deals

The Mongolian Parliament unanimously approved a resolution instructing the government to improve the investment and financing agreements covering Turquoise Hill Resources Ltd.'s 66%-owned Oyu Tolgoi copper-gold mine.

The resolution tells the government to improve the implementation of the 2009 investment agreement, the 2011 shareholder agreement, and the 2015 underground mine development and financing plan, which was recently validated by a Mongolian court.

Rio Tinto, which owns 51% of Turquoise Hill, said the approval "re-confirms the validity" of all previous investment agreements between the company, Turquoise Hill and the Mongolian government.

The resolution includes a call to explore options for a product sharing arrangement or swapping Mongolia's 34% equity holding for a special royalty, redefining the reserve and updated feasibility reports, and renewing environmental and water assessments.

Turquoise Hill CEO Ulf Quellmann said the resolution will be the basis of future discussions between the parties.

In April, a Mongolian parliamentary working group reportedly submitted a 200-page report to the Mongolian National Security Council and a committee tasked with economic issues, advising them that Mongolia should revisit the 2009 agreement governing the country's investment in the mine and also drop the 2015 agreement.