Posted in | News | Gold | Copper

Ivanhoe Approves $2.3 Billion for Oyu Tolgoi in Mongolia

Ivanhoe Mines has approved a capital budget of $2.3 billion to continue the construction at its gold and copper mine at Oyu Tolgoi in Mongolia.

The company hold 66% stake in the mine with the Mongolian government holding the remaining 34% stake.

The Vancouver based mining company hopes to see construction on the first phase of the mine peak in the coming year. The mine being developed at the border near China is already employing about 3,000 Mongolians.

Oyu Tolgoi (copper-gold), Mongolia. Image Credit: Ivanhoe Mines

The construction of the mine had been halted thanks to differences between Ivanhoe Mines and Rio Tinto. These have now been resolved with Rio Tinto agreeing to invest roughly $1.3-billion in Ivanhoe in the coming months through a rights offering and the exercise of warrants.

The new series of financing measures are part of a new agreement between the two companies.

Rio Tinto presently holds a 29.6% interest in Ivanhoe Mines.

John Macken, President of Ivanhoe Mines said that Oyu Tolgoi should be making its first sales of copper and gold in concentrate produced from ore from the Southern Oyu open pit during the fourth quarter of 2012.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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