CSOs: Oyu Tolgoi non-compliant with IFC Performance Standards
Oyu Tolgoi is an enormous copper and gold deposit in Mongolia. The project is jointly owned by Canadian company Turquoise Hill Resources and a state owned enterprise. According to the International Finance Corporation (IFC), estimated project cost is $12 billion. Project proponents seek financing from Export Development Canada, the IFC, the European Bank for Reconstruction and Development and the Multilateral Investment Guarantee Agency, among others. In this document, CSOs argue that the project does not comply with the IFC Performance Standards and provide a series of recommendations.
This analysis of the International Finance Corporation's (IFC) Sustainability Policy, Performance Standards and Disclosure Policy provides a brief overview of each policy and standard, where it goes beyond the previous safeguard policies, where it falls short, and what is missing in terms of addressing the extractives industries.