Ivanhoe Mines Welcomes Mongolian Cabinet Endorsement of Draft Oyu Tolgoi Investment Agreement
March 03 2009 - 8:27AM
Marketwired
John Macken, President and CEO of Ivanhoe Mines (TSX: IVN)(NYSE:
IVN)(NASDAQ: IVN), today welcomed a Mongolian Government
announcement that a comprehensive draft Investment Agreement to
facilitate the construction and development of the Oyu Tolgoi
copper-gold mining complex now has been endorsed in principle by
Mongolia's Cabinet and the country's National Security Council.
The Mongolian Government said that the Cabinet had conducted its
second review of the draft Oyu Tolgoi Investment Agreement on March
2 and had resolved to present the draft agreement to the State
Great Khural, or national Parliament, for approval. To take effect,
the investment agreement for Oyu Tolgoi requires the approval of
the national Parliament, and also the approvals of the boards of
directors of Ivanhoe Mines and its strategic partner, Rio
Tinto.
The Cabinet authorized the Minister of Finance S. Bayartsogt,
the Minister of Minerals and Energy D. Zorigt and the Minister of
Environment and Tourism L. Gansukh to initial the agreement to be
concluded between the government and Ivanhoe Mines Mongolia.
The Mongolian Parliament currently is meeting in a special
session to address budgetary and other national issues arising from
the global financial crisis.
Contacts: Ivanhoe Mines Ltd. Bill Trenaman Investor Relations
(604) 688-5755 Ivanhoe Mines Ltd. Bob Williamson Media (604)
688-5755 Website: www.ivanhoemines.com
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