“We don’t need to rent any foreign specialists to process the investment agreement because all the articles and sentences will be made in the frame of the valid laws of Mongolia,” Ch. Khurelbaatar, State Secretary of the Ministry of Finance and chairman of the working group told MonInfo Wednesday

He said the main issues would be tax strengthening, issues relating to nature and environmental protection and regulation, water issues and infrastructure development.

“We will reflect all related laws of these issues in the investment agreement. The working group is working every day.”

Ivanhoe, which has been in discussions with the Mongolian government for three years to delineate the agreement, is still positive that an agreement is not far in the future.

"We believe the positive development of the establishment of this working group should set the stage for the prompt resolution of the Investment Agreement for the Oyu Tolgoi project," said John Fognani, Ivanhoe's Executive Vice President of Legal and General Counsel and the Ivanhoe representative chiefly responsible for negotiating the Oyu Tolgoi Investment Agreement with the Government of Mongolia.

"We look forward to working closely with Mr. Khurelbaatar and the Working Group to conclude the long-awaited Investment Agreement."

However a united group of civil movements stated that the most important issue in the agreement should be the interests of the citizens of Mongolia.

“If the government can’t make an agreement which keeps the Mongolian people’s interests at the forefront, the government will be responsible for all the damages,” S. Ganbaatar, leader of the National Soyombo Movement said at a press conference last week.

Members of the working group said that Ivanhoe must also complete certain materials before more formal discussions on the agreement can take place.

“It is good for the government and the Mongolian people as well, the more quickly we sign an investment agreement for the Oyu tolgoi project,” Khurelbaatar said.

“The working group has received the new tax package law’s final version last week and the working group is addressing the new laws now and their relations to the agreement.”

The agreement, which will set the tax and legislative framework for the initial 30 years of the project, should be made with mining researchers and scholars rather than low-level ministry officials, Ganbaatar said.

“The working group consists of civil servants and young officials of the ministries. They have no good experiences with signing a huge mining contract like well experienced global experts.”

In a meeting with Soyombo movement leaders last week, the Prime Minister also confirmed the necessity for a well made agreement and said he would meet with civil movement leaders every two weeks to make the process transparent.

Khurelbaatar said he couldn’t clearly say when the government and Ivanhoe would sign an agreement for the Oyu Tolgoi project.

(with additional reporting by Luke Distelhorst)