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Possible agreement on Oyu Tolgoi gold mine by end of April |
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Thursday, 10 April 2008 |
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Mongolian officials said they
expect an agreement to begin mining the Oyu Tolgoi gold and copper site
could be finalized within weeks.
With an eye on June elections,
members of Parliament may have a consensus on key changes in the former
agreement with owners of the site license, Ivanhoe Mines Ltd. and Rio
Tinto.
One of the key revisions to
an earlier agreement provides Mongolia with a 51 percent share in the
project, as opposed to the 34 percent share previously agreed upon.
Estimates released in March,
2008 increased the expected revenues to be taken from Oyu Tolgoi. Mining
officials believe mineral deposits are 44 percent higher than previously
thought. Gold deposits are now estimated to be as high as 45.2 million
ounces while copper reserves set at 79 billion pounds.
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