Joint Statement by the Government of Mongolia, Ivanhoe Mines and Rio Tinto
October 06 2011 - 9:01AM
Marketwired
Ivanhoe Mines Ltd. (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN) -
1. Ivanhoe Mines, Rio Tinto and the Government of Mongolia have
concluded discussions on the two aspects of the Investment
Agreement that were raised by the Government of Mongolia, and are
pleased to confirm that all parties have reaffirmed their continued
support for the Investment Agreement and its implementation.
2. The Government of Mongolia has once again confirmed that the
Investment Agreement was signed in full compliance with all laws
and regulations of Mongolia.
3. Since the signing of the Investment Agreement, Mongolia has
achieved international stature as one of the countries most
attractive to foreign investment. Mongolia's economy has become one
of the fastest growing economies in the world. The people of
Mongolia are reaping great benefit from the construction of the Oyu
Tolgoi project and stand to benefit even more when the project
becomes operational.
4. The Investment Agreement has also formed the basis for the
construction of Oyu Tolgoi, which recently passed the 50%
completion mark and is expected to begin initial production during
the third quarter of next year. To reach this point, 2.6 billion
USD have been invested by Ivanhoe Mines and Rio Tinto and a
significant amount has been committed to bring Oyu Tolgoi into
production.
5. Section 15.30 of the Investment Agreement provides that "Upon
mutual consent recorded in writing, the Parties may amend or modify
this Agreement". Ivanhoe Mines and Rio Tinto acknowledge that the
Government of Mongolia acted in accordance with this provision of
the Investment Agreement in seeking to discuss these changes.
Ivanhoe Mines and Rio Tinto respect the position of the Government
of Mongolia and appreciate their continued support for the
Investment Agreement.
6. The shareholders are united in their commitment to secure the
necessary project finance and bring the Oyu Tolgoi Project to
completion and full production for the benefit of the nation of
Mongolia. All stakeholders, investors, lenders, employees,
contractors, civil society and local communities can have full
confidence in the future of Oyu Tolgoi.
Contacts: Ivanhoe Mines Ltd. Bill Trenaman Investors
+1.604.688.5755 Ivanhoe Mines Ltd. Bob Williamson Media
+1.604.331.9830www.ivanhoemines.com
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