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Thursday, 5th March 2009 (1569 views)

Ivanhoe Mines has welcomed the news that the Mongolian cabinet and the country's National Security Council have endorsed in principle a draft investment agreement for the Oyu Tolgoi mine.

The comprehensive agreement is intended to facilitate the construction and development of a new mining complex at the gold property in Mongolia by Ivanhoe and its strategic partner, Rio Tinto.

A second review of the draft was held by the Mongolian cabinet on March 2nd and a resolve was made to present it to the State Great Khural (national parliament) for approval, John Macken, Ivanhoe Mines president and chief executive, announced.

International mining firm Ivanhoe Mines has operations in the Asia Pacific region, including the Oyu Tolgoi copper and gold mine development project in southern Mongolia and its Ivanhoe Australia gold exploration and development unit.

The company is listed on the Toronto, New York and NASDAQ stock exchanges and Ivanhoe is currently exploring for new gold discoveries in China.

 

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