Ivanhoe Mines Welcomes Votes in Mongolia's Parliament as Key Step Toward Finalization of Oyu Tolgoi Agreement
August 25 2009 - 9:20AM
Marketwired
Ivanhoe Mines (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN) President John
Macken said today that the company welcomes the Mongolian
Parliament's approval of amendments to four laws, including the
insertion of a sunset provision to cancel the three-year-old, 68%
windfall profits tax on copper and gold effective January 1, 2011.
"The votes today by overwhelming majorities of the Members
present for the special session of the State Great Khural represent
a significant step in Mongolia's commitment to attract foreign
investment in the development of the country's mineral resources,"
Mr. Macken said.
"This expression of confidence in Mongolia's future clears the
way for finalization of an agreement with the Government for the
construction and operation of Ivanhoe's Oyu Tolgoi copper-gold
complex in the South Gobi Region. Now we are in a position to make
arrangements with the Government to sign the Oyu Tolgoi Investment
Agreement in the near future."
The Mongolian Parliament voted on July 16 to authorize the
Government to conclude a long-term, definitive Oyu Tolgoi
Investment Agreement with Ivanhoe Mines and its strategic partner,
Rio Tinto. Earlier this month, negotiators for the companies and
the government settled on terms of a revised agreement that was
endorsed by the Cabinet and the National Security Council. The
Government then requested a special session of Parliament to
consider changes proposed by the Government to four laws to support
and facilitate the finalization of the draft Oyu Tolgoi Investment
Agreement. Cabinet members have said that the broadly based
legislative amendments are intended to benefit the entire mining
industry in Mongolia.
Ivanhoe Mines shares are listed on the Toronto, New York and
NASDAQ stock exchanges under the symbol IVN.
Contacts: Ivanhoe Mines Ltd. Bill Trenaman Investors
1-604-688-5755 Ivanhoe Mines Ltd. Bob Williamson Media
1-604-331-9880 www.ivanhoemines.com
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