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:
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