Mongolian copper Halfway to where?

　　蒙古銅礦 車行半路，前途未卜

　　A massive mining project hits a snag

　　一個龐大的礦業項目遇到了阻礙

　　IN THE endless brown wastes of the Gobi desert in the south of Mongolia huge blue structuresare springing up.

　　在蒙古南部的戈壁沙漠上那一望無際的棕色荒原上，巨大的藍色建筑正在不斷地完工。

　　Some 18,000 workers are employed on Oyu Tolgoi, or Turquoise Hill , the largestundeveloped copper and gold mine in the world.

　　奧由陶勒蓋是世界上最大的未開采銅礦和金礦。共有18000人目前在那里工作。

　　Rio Tinto, the mining giant that is managing the project,

　　管理該項目的是世界礦業巨頭力拓集團。

　　flew its chairman, Jan du Plessis, to the site for a ceremony on September 25th to mark thehalfway point of the first phase of construction.

　　其主席杜立石于9月25日趕到該地參加慶祝第一期工程過半。

　　Celebrations were hardly marred by rumblings of discontent back in the capital,Ulaanbaatar, from Mongolian politicians.

　　這次慶祝并沒有受到在首都烏蘭巴托的蒙古政客們的不滿抱怨影響。

　　But since then the rumblings have got louder, worrying not just Oyu Tolgoi s investors, but allthose gleeful at the prospect of a prolonged mining-led boom in the country.

　　但自那以后這種抱怨聲似乎有增無減，這不僅讓奧由陶勒蓋的投資者們擔憂，也影響了所有那些為蒙古未來由礦業帶動的長期興榮前景感到高興的人。

　　A group of 20 members of parliament signed a petition in early September asking thegovernment to reopen negotiations on the 2009 Investment Agreement that set the $10billion project in motion.

　　九月初20位議員聯名上書，要求政府重新開放關于2009年的 投資協議 的談判。

　　That could be dismissed as populist political noise ahead of elections due next year.

　　正是該協議當年啟動了這個100億美元的項目。也許這是政客們面對明年的大選為了迎合民聲所制造的政治噪音，可以置之不顧。

　　But by the end of the month, it had become the basis of a formal request from thegovernment to Ivanhoe Mines of Canada, which has a 66% stake in the company that ownsthe mine and is in turn 49% owned by Rio.

　　但是到九月底，以這份文件為基礎，蒙古政府對加拿大的伊凡赫公司提出重新談判的正式要求。伊凡赫控制有擁有該礦所有權的公司66%的股份，而力拓又擁有伊凡赫49%的股份。

　　Opening parliament this week, the speaker, who sits on the National Security Council, voicedhis support for a renegotiation.

　　本周國會會議上，在國家安全理事會列席的國會議長表示了他對重新談判的支持。

　　The main demand is to bring forward the date when the government has the option toincrease its 34% share in the project to 50%.

　　政府主要的要求是提前給予其權利將政府在這個項目中所占的34%股份增加到50%。

　　At present, its sharewhich was financed by a loan from Riocannot rise until 2040.

　　現在的合同要求政府依靠力拓的貸款而購入的項目股份在2040年之前不能進一步增加。

　　The government also wants to impose a sliding-scale royalty on the project.

　　政府也想要在該項目上實施一項 滑動傭金 。

　　This week, Ivanhoe and Rio shot back a letter saying the agreement was not up forrenegotiation.

　　本周伊凡赫和力拓致函反駁，聲明該協議不會再重新談判。

　　All they will concede is that, under its terms, the government is within its rights to ask fortalks.

　　他們唯一的讓步是，在合同允許的范圍內，蒙古政府有權利要求雙方會談。

　　They are adamant, however, that the terms cannot be changed.

　　但他們非常堅定合同的細節不能修改。

　　The mining companies point out the huge benefits the project brings in terms of employment,tax revenue and foreign exchange.

　　這兩家礦業公司指出這個項目在就業，稅收和外匯上為蒙古帶來了巨大的好處。

　　By 2023, when it will be producing 450,000 tonnes of copper a year, which will be sold acrossthe nearby Chinese border, it is expected to account for a staggering one-third of Mongolia sGDP.

　　到2023年，該項目將能年產45萬噸銅，并出口到鄰近的中國。屆時該項目預計將在蒙古國民生產總值占到驚人的三分之一。

　　They also argue that, with the copper price falling, a renegotiation might leave thegovernment in a worse position.

　　它們也指出，由于銅價下跌，重新談判可能反而會陷政府于不利。

　　The current agreement has the effect of insuring its equity stake against market risk.

　　現有的協議可以保護股份不受市場風險影響。

　　The investors feel some Mongolians do not understand that, because of taxes and royalties,the government s 34% share grossly understates the benefits it will receive from the project.

　　投資者們覺得蒙古人沒有理解，各種稅收和傭金使得政府從該項目的實際收益遠遠大于紙上標明的34%。

　　Oyu Tolgoi is the poster project for a national mining boom that sees Ulaanbaatar crawlingwith foreign miners and their investment bankers.

　　奧由陶勒蓋是蒙古礦業興旺的宣傳項目，為了這個項目而來的外國礦產業者和他們的投資銀行家擠滿了整個烏蘭巴托。

　　Of immediate concern are plans to raise billions of dollars through a multinational offering ofshares in a huge coal project, Tavan Tolgoi, also in South Gobi province.

　　這次風波眼前最大的擔憂是其對另一項計劃的影響。該計劃打算利用對外出售同樣位于南戈壁省的一個巨大煤礦塔本陶勒蓋的股份以集資幾十億美元。

　　Oyu Tolgoi already faces problems enough.

　　奧由陶勒蓋已經面臨相當多的問題了。

　　Inter-governmental negotiations with China have yet to produce an agreement on itssupply of power for the early years of production.

　　蒙古和中國政府關于在開采初期的幾年內向該礦提供電力的談判還沒有達成共識。

　　Ivanhoe has been snapping at Rio for making unauthorised remarks about the project,

　　伊凡赫一直對力拓在該項目上發表 未授權言論 感到憤怒。

　　and there is the small matter of $4 billion in bank finance to be raised.

　　另外一件小事就是還需要籌集40億美元的銀行貸款。

　　So the government needed a face-saving way out of the latest fine mess it had gotten theproject into.

　　因此蒙古政府需要想辦法把這個被它自己弄得一團糟的項目導入正軌以挽回顏面。

　　On October 6th it issued a joint statement with the foreign partners saying they had settledtheir differences, without amending the Investment Agreement.

　　十月六日蒙古政府和其外國伙伴發表共同聲明宣布他們已經盡釋前嫌，投資協議也不需要修改。

　　Rio and Ivanhoe will be relieved.

　　力拓和伊凡赫總算可以松一口氣了。

　　But it will still have to deal with the disgruntled parliamentarians, not to mention voters.

　　但是它們還是需要應付那些充滿怨氣的議員，更不用說選民了。

　　Mongolian copper Halfway to where?

　　蒙古銅礦 車行半路，前途未卜

　　A massive mining project hits a snag

　　一個龐大的礦業項目遇到了阻礙

　　IN THE endless brown wastes of the Gobi desert in the south of Mongolia huge blue structuresare springing up.

　　在蒙古南部的戈壁沙漠上那一望無際的棕色荒原上，巨大的藍色建筑正在不斷地完工。

　　Some 18,000 workers are employed on Oyu Tolgoi, or Turquoise Hill , the largestundeveloped copper and gold mine in the world.

　　奧由陶勒蓋是世界上最大的未開采銅礦和金礦。共有18000人目前在那里工作。

　　Rio Tinto, the mining giant that is managing the project,

　　管理該項目的是世界礦業巨頭力拓集團。

　　flew its chairman, Jan du Plessis, to the site for a ceremony on September 25th to mark thehalfway point of the first phase of construction.

　　其主席杜立石于9月25日趕到該地參加慶祝第一期工程過半。

　　Celebrations were hardly marred by rumblings of discontent back in the capital,Ulaanbaatar, from Mongolian politicians.

　　這次慶祝并沒有受到在首都烏蘭巴托的蒙古政客們的不滿抱怨影響。

　　But since then the rumblings have got louder, worrying not just Oyu Tolgoi s investors, but allthose gleeful at the prospect of a prolonged mining-led boom in the country.

　　但自那以后這種抱怨聲似乎有增無減，這不僅讓奧由陶勒蓋的投資者們擔憂，也影響了所有那些為蒙古未來由礦業帶動的長期興榮前景感到高興的人。

　　A group of 20 members of parliament signed a petition in early September asking thegovernment to reopen negotiations on the 2009 Investment Agreement that set the $10billion project in motion.

　　九月初20位議員聯名上書，要求政府重新開放關于2009年的 投資協議 的談判。

　　That could be dismissed as populist political noise ahead of elections due next year.

　　正是該協議當年啟動了這個100億美元的項目。也許這是政客們面對明年的大選為了迎合民聲所制造的政治噪音，可以置之不顧。

　　But by the end of the month, it had become the basis of a formal request from thegovernment to Ivanhoe Mines of Canada, which has a 66% stake in the company that ownsthe mine and is in turn 49% owned by Rio.

　　但是到九月底，以這份文件為基礎，蒙古政府對加拿大的伊凡赫公司提出重新談判的正式要求。伊凡赫控制有擁有該礦所有權的公司66%的股份，而力拓又擁有伊凡赫49%的股份。

　　Opening parliament this week, the speaker, who sits on the National Security Council, voicedhis support for a renegotiation.

　　本周國會會議上，在國家安全理事會列席的國會議長表示了他對重新談判的支持。

　　The main demand is to bring forward the date when the government has the option toincrease its 34% share in the project to 50%.

　　政府主要的要求是提前給予其權利將政府在這個項目中所占的34%股份增加到50%。

　　At present, its sharewhich was financed by a loan from Riocannot rise until 2040.

　　現在的合同要求政府依靠力拓的貸款而購入的項目股份在2040年之前不能進一步增加。

　　The government also wants to impose a sliding-scale royalty on the project.

　　政府也想要在該項目上實施一項 滑動傭金 。

　　This week, Ivanhoe and Rio shot back a letter saying the agreement was not up forrenegotiation.

　　本周伊凡赫和力拓致函反駁，聲明該協議不會再重新談判。

　　All they will concede is that, under its terms, the government is within its rights to ask fortalks.

　　他們唯一的讓步是，在合同允許的范圍內，蒙古政府有權利要求雙方會談。

　　They are adamant, however, that the terms cannot be changed.

　　但他們非常堅定合同的細節不能修改。

　　The mining companies point out the huge benefits the project brings in terms of employment,tax revenue and foreign exchange.

　　這兩家礦業公司指出這個項目在就業，稅收和外匯上為蒙古帶來了巨大的好處。

　　By 2023, when it will be producing 450,000 tonnes of copper a year, which will be sold acrossthe nearby Chinese border, it is expected to account for a staggering one-third of Mongolia sGDP.

　　到2023年，該項目將能年產45萬噸銅，并出口到鄰近的中國。屆時該項目預計將在蒙古國民生產總值占到驚人的三分之一。

　　They also argue that, with the copper price falling, a renegotiation might leave thegovernment in a worse position.

　　它們也指出，由于銅價下跌，重新談判可能反而會陷政府于不利。

　　The current agreement has the effect of insuring its equity stake against market risk.

　　現有的協議可以保護股份不受市場風險影響。

　　The investors feel some Mongolians do not understand that, because of taxes and royalties,the government s 34% share grossly understates the benefits it will receive from the project.

　　投資者們覺得蒙古人沒有理解，各種稅收和傭金使得政府從該項目的實際收益遠遠大于紙上標明的34%。

　　Oyu Tolgoi is the poster project for a national mining boom that sees Ulaanbaatar crawlingwith foreign miners and their investment bankers.

　　奧由陶勒蓋是蒙古礦業興旺的宣傳項目，為了這個項目而來的外國礦產業者和他們的投資銀行家擠滿了整個烏蘭巴托。

　　Of immediate concern are plans to raise billions of dollars through a multinational offering ofshares in a huge coal project, Tavan Tolgoi, also in South Gobi province.

　　這次風波眼前最大的擔憂是其對另一項計劃的影響。該計劃打算利用對外出售同樣位于南戈壁省的一個巨大煤礦塔本陶勒蓋的股份以集資幾十億美元。

　　Oyu Tolgoi already faces problems enough.

　　奧由陶勒蓋已經面臨相當多的問題了。

　　Inter-governmental negotiations with China have yet to produce an agreement on itssupply of power for the early years of production.

　　蒙古和中國政府關于在開采初期的幾年內向該礦提供電力的談判還沒有達成共識。

　　Ivanhoe has been snapping at Rio for making unauthorised remarks about the project,

　　伊凡赫一直對力拓在該項目上發表 未授權言論 感到憤怒。

　　and there is the small matter of $4 billion in bank finance to be raised.

　　另外一件小事就是還需要籌集40億美元的銀行貸款。

　　So the government needed a face-saving way out of the latest fine mess it had gotten theproject into.

　　因此蒙古政府需要想辦法把這個被它自己弄得一團糟的項目導入正軌以挽回顏面。

　　On October 6th it issued a joint statement with the foreign partners saying they had settledtheir differences, without amending the Investment Agreement.

　　十月六日蒙古政府和其外國伙伴發表共同聲明宣布他們已經盡釋前嫌，投資協議也不需要修改。

　　Rio and Ivanhoe will be relieved.

　　力拓和伊凡赫總算可以松一口氣了。

　　But it will still have to deal with the disgruntled parliamentarians, not to mention voters.

　　但是它們還是需要應付那些充滿怨氣的議員，更不用說選民了。