CORRECT: Ivanhoe: Working To Satisfy Remaining Oyu Tolgoi Conditions
March 25 2010 - 2:50AM
Dow Jones News
Ivanhoe Mines (IVN.T) is working with Rio Tinto (RIO.AU) to
satisfy the remaining conditions in order to complete the
investment agreement for the Oyu Tolgoi copper-gold project in
Mongolia, Ivanhoe CEO Robert Friedland said Thursday at a mining
conference.
The agreement is subject to conditions that must be met by April
6, including the completion of a feasibility study currently under
way.
Friedland said Ivanhoe and Rio Tinto had satisfied 7 of 10
conditions so far and were "working hard" to satisfy the rest.
Friedland praised Mongolia as an investment destination and said
the current Prime Minister, Sukhbaataryn Batbold, was a "great
visionary."
He said the Oyu Tolgoi project would leverage Rio Tinto's
experience in helping develop the Escondida mine in Chile and the
Grasberg mine in Indonesia, two projects which he said Oyu Tolgoi
would come to be compared with.
Ivanhoe and Rio struck a long-awaited investment agreement with
the Mongolian government in October last year; the government will
now take a 34% stake in the project.
Friedland was also bullish on the company's coal prospects in
Mongolia, describing the Ovuut Tolgoi coal project, also in
Mongolia as containing the "beluga caviar" of coal.
-By James Campbell, Dow Jones Newswires, +656415-4082;
james.campbell@dowjones.com
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