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A remarkable feature of this web site is that you can find manuscripts written on those maps by an advanced search function. All content of the maps has been indexed and easily accessible with the advanced search function.


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Historic agreement for development of Oyu Tolgoi approved by cabinet PDF Print E-mail
Written by Ariunbold Altankhuyag   
Thursday, 28 June 2007
Following five years of negotiations, Mongolia has reached agreement on the development of the Oyu Tolgoi copper-gold mine. 

The agreement was approved by the Cabinet on Tuesday, and now will be sent for a final review and vote to the parliament. 

In short, the agreement calls for Mongolia to retain 34 percent ownership in Oyu Tolgoi. Developers Ivanhoe Mines Ltd. and Rio Tinto will jointly operate the mine, which is expected to begin commercial mineral extraction in 2010. 

Commenting on the agreement, Ivanhoe Mines President and CEO John Macken said in a written statement, “It represents a unique opportunity to advance Mongolia’s national development goals by securing major investments in jobs, skills training and the strengthening of established communities. The agreement also recognizes the financial interests held by Ivanhoe Mines, our strategic partner, Rio Tinto, and our investors, and provides long-term assurances of a stable investment environment for the development of the world-class Oyu Tolgoi copper-gold resource complex in the South Gobi.” 

Forecasts for Oyu Tolgoi issued by Ivanhoe in 2005 called for annual production of 450,000 tons of copper and 330,000 ounces of gold to be extracted annually beginning in 2010.

  Comments (1)
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 1 Written by Tas, on 2007-06-28 22:45:03, IP: 213.239.108.147
A sad example of ignorant nations being abused and exploited by large (transborde) cooperations.

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