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Business Mongolian copper Halfway to where?
商業 蒙古銅礦 半程去何方？彷徨，寶石山下倚彤妝
A massive mining project hits a snag
一個龐大的礦業項目遭到意外困難
IN THE endless brown wastes of the Gobi desert in the south of Mongolia huge blue structures are springing up.
在蒙古南部一望無際的棕色戈壁沙漠荒原上，龐大的藍色建筑物拔地而起。
Some 18,000 workers are employed on Oyu Tolgoi, or "Turquoise Hill", the largest undeveloped copper and gold mine in the world.
大約18，000名員工為世界上尚未開采的最大銅金礦山，奧尤陶勒蓋（意為"綠寶石山"）工作。
Rio Tinto, the mining giant that is managing the project, flew its chairman, Jan du Plessis, to the site for a ceremony on September 25th to mark the halfway point of the first phase of construction.
正在經管這一項目的采礦業巨頭力拓公司的董事長杜立石飛臨現場，參加了9月25日的一項慶典，這標志著礦山建設的第一階段已經完成了一半。
Celebrations were hardly marred by rumblings of discontent back in the capital, Ulaanbaatar, from Mongolian politicians.
這些慶祝幾乎沒有受到來自首都烏蘭巴托的蒙古政治家們不滿叫囂的干擾。
But since then the rumblings have got louder, worrying not just Oyu Tolgoi's investors, but all those gleeful at the prospect of a prolonged mining-led boom in the country.
但從那時起叫囂聲變得更為響亮了，對此感到擔憂的不僅是奧尤陶勒蓋的投資方，還有所有因采礦業為這個國家帶來的長期繁榮前景感到興高采烈的人們。
A group of 20 members of parliament signed a petition in early September asking the government to reopen negotiations on the 2009 "Investment Agreement" that set the $10 billion project in motion.
9月初，20名國會議員在一份請愿書上簽字，要求政府就2009年的"投資協議"——這一協議啟動了這項耗資一百億美元的項目——重開談判。
That could be dismissed as populist political noise ahead of elections due next year.
人們可以把這當作為明年大選造勢的平民主義政治喧囂而不予理會。
But by the end of the month, it had become the basis of a formal request from the government to Ivanhoe Mines of Canada, which has a 66% stake in the company that owns the mine and is in turn 49% owned by Rio.
但到9月末，這已經成了政府向加拿大艾芬豪礦業公司提出的正式要求的基礎；力拓公司持有艾芬豪公司49%的股份，而后者則持有這座礦山的擁有者公司中66% 的股份。
Opening parliament this week, the speaker, who sits on the National Security Council, voiced his support for a renegotiation.
本周宣布議會開幕的議長——他也是國家安全委員會的成員——表示支持重開談判。
The main demand is to bring forward the date when the government has the option to increase its 34% share in the project to 50%.
他們的主要要求，是讓政府可以提前選擇將其在此項目中的股份由34%增加到50%的時間。
At present, its share—which was financed by a loan from Rio—cannot rise until 2040.
根據現有協議，政府的股份——由力拓的一項貸款提供資金——要到2040年才可以增加。
The government also wants to impose a "sliding-scale royalty" on the project.
與此同時，政府想對這一項目征收"浮動權利金"。
This week, Ivanhoe and Rio shot back a letter saying the agreement was not up for renegotiation.
艾芬豪與力拓本周在回信中聲稱該協議沒有談判余地。
All they will concede is that, under its terms, the government is within its rights to ask for talks. They are adamant, however, that the terms cannot be changed.
他們做出的僅有讓步是，政府有權按照協議規定要求對話。但他們認定，協議條款絕無更改可能。
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了這一項目在就業、稅收與外匯方面帶來的龐大利益。
By 2020, when it will be producing 450,000 tonnes of copper a year, which will be sold across the nearby Chinese border, it is expected to account for a staggering one-third of Mongolia's GDP.
當2020年礦山年產銅量達到450，000噸時，這些銅可以向不遠處的中國出口，預期可占蒙古全國GDP的三分之一，一個令人驚嘆的數字。
They also argue that, with the copper price falling, a renegotiation might leave the government in a worse position.
他們還認為，隨著銅價下跌，重開談判可能對政府不利。
The current agreement has the effect of insuring its equity stake against market risk.
現有的協議具有保證其股權不受市場風險影響的作用。
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.
投資者們感到，由于在稅收與權利金上的收益，政府從這一項目得到的好處將遠遠超過表面上34%的股份，而一些蒙古人對此并不清楚。
Oyu Tolgoi is the poster project for a national mining boom that sees Ulaanbaatar crawling with foreign miners and their investment bankers.
奧尤陶勒蓋是國家礦業興隆的一個招牌式項目，它讓外國礦業公司和他們的投資銀行一起涌入烏蘭巴托。
Of immediate concern are plans to raise billions of dollars through a multinational offering of shares in a huge coal project, Tavan Tolgoi, also in South Gobi province.
當前人們關心的，是以一個龐大煤礦項目的股權面向多國集資籌措數十億美元的計劃；該煤礦名為塔班陶勒蓋，也位于南戈壁省。
Oyu Tolgoi already faces problems enough.
奧尤陶勒蓋面臨的麻煩已經夠多的了。
Inter-governmental negotiations with China have yet to produce an agreement on its supply of power for the early years of production.
與中國舉行的政府間談判尚未達成投產初期一些年內由中國提供電力的協議。
Ivanhoe has been snapping at Rio for making "unauthorised remarks" about the project, and there is the small matter of $4 billion in bank finance to be raised.
艾芬豪一直對力拓有關這一項目的"非正式評論"十分不滿，另外還有籌集四十億美元銀行貸款的小事。
So the government needed a face-saving way out of the latest fine mess it had gotten the project into.
因此，政府需要以一種體面的方式擺脫他們造成的這一項目的最新尷尬局面。
On October 6th it issued a joint statement with the foreign partners saying they had settled their differences, without amending the Investment Agreement.
10月6日他們與外國合伙人發表了一項聯合聲明，宣稱各方已在不修改投資協議的情況下達成了一致。
Rio and Ivanhoe will be relieved.
力拓和艾芬豪可以安心了。
But it will still have to deal with the disgruntled parliamentarians, not to mention voters.
但心懷不滿的國會議員還是需要安撫，更遑論選民們了。
