But the report was marred by the disclosure that the Mongolian government was chasing an additional US$155 million in taxes from the Oyu Tolgoi copper-gold mine.
The local market seemed to care less about dirt-poor Mongolia’s latest grab for a bigger share of OT’s riches, judging by Rio’s share price performance on Tuesday (down 0.66%) compared with that of its old rival, BHP (down 0.75%).
But maybe the market should have cared more. While the contested amount is nothing in the scheme of things, and contested tax is a feature of doing business in all jurisdictions, the tax grab confirms fears that it is in Mongolia’s DNA to continually seek greater returns from its mineral wealth.
The country, w...