Original disclosure @ EBRD website
Updated in EWS Feb 17, 2023
Disclosed by Bank Oct 26, 2022
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The EBRD describes the project as a facility that guarantees up to MNT 20 billion (US$ 6.3 million) performance bonds issued to Oyu Tolgoi LLC (OT) copper-gold mining company by GCR Mongolia LLC (GCR) against the its failure to meet the obligations of the contract with OT .
The project will allow GCR to enter into large scale mining construction contracts with OT and thereby support transfer skills and know-how to the industry.
The EBRD describes GCR Mongolia LLC ("GCR") as a mining contractor company that provides engineering design, procurement and project management services to large scale mining development projects in Mongolia.
It was established in 2017 as a joint venture of three partners including Gobi Infrastructure Partners LLC (later re-organised under Gobi Capital Management LLC), Clough Projects International Pty Ltd and RUC Cementation Mining Contractors Pty Ltd to undertake large scale underground mine construction contracts for Oyu Tolgoi copper-gold project.
The project indirectly involves Oyu Tolgoi LLC, the company managing the Oyu Tolgoi mine. Oyu Tolgoi LLC is jointly owned by the Government of Mongolia (34% of the shares) and Turquoise Hill Resources (66% of the shares). The multinational mining company Rio Tinto owns 50.8% of the latter, and manages the Oyu Tolgoi mine on behalf of the partnership.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Clough Projects International Pty Ltd||Parent Company||Construction|
|-||-||-||-||GCR Mongolia LLC||Client||Construction|
|-||-||-||-||Gobi Infrastructure Partners LLC||Parent Company||Construction|
|-||-||-||-||Oyu Tolgoi LLC||Undisclosed||Mining|
|-||-||-||-||Rio Tinto Group||Undisclosed||Mining|
|-||-||-||-||RUC Cementation Mining Contractors Pty Ltd||Parent Company||Construction|
No bank contacts information available at the time of disclosure.
Borrower - GCR Mongolia LLC:
Contact person: Jonon Batdorj
Address: New Millennium Building 4F, 15th khoroo, Khan Uul District, Ulaanbaatar 17011, Mongolia
ACCESS TO INFORMATION
You can request information by emailing: email@example.com or by using this electronic form: https://www.ebrd.com/eform/information-request
ACCOUNTABILITY MECHANISM OF EBRD
The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.
You can contact the PCM at: firstname.lastname@example.org or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en
You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html