Friday, 27th October 2006 (1470 views)

Ivanhoe Mines has announced it has teamed up with mining firm Rio Tinto to implement work on its copper-gold deposit in Oyu Tolgoi, Mongolia.

The two will join forces as strategic partners in the move, which will see Rio Tinto investing $303 million in the first stage and a further $388 million after an investment agreement with the Mongolian government.

This level of investment in the world's largest undeveloped copper-gold resource will mean the local community will benefit greatly from improved infrastructure, environmental performance and health and safety issues.

Robert Friedland, founder and chairman of Ivanhoe Mines, said: "Rio Tinto and Ivanhoe are committing to the continued application of best industry practices at Oyu Tolgoi, which is bringing thousands of new jobs, social benefits and sound environmental management to Mongolia, delivering on the South Gobi region's economic promise while respecting long-established cultural values and supporting local communities."

The project at Oyu Tolgoi is in southern Mongolia, some 80 kilometres from the Chinese border. The series of deposits at the site have been measured at 20.2 million ounces of gold, plus an inferred resource of 13.9 million ounces of gold.

 

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