NEWS HIGHLIGHTS: Business: Rio Tinto, Ivanhoe May Share Production with Mongolia; Vast Water Supply for QGX's Baruun Naran Coal Site; Gobi LLC Installs New Technology; Erdene Gold's Zuun Mod Site One of Asia's Largest Molybdenum Deposits; Herders Hit by Cashmere Price Drop.Economy: Mongolia's Financial Ratings Lowered by Fitch; World Bank Conference on Inflation; Bakeries Cannot Lower Prices; Rise in Cost of Building Materials; Fires Cause MNT 9 Billion Damage; Rail and Air Transport Data; External Trade Data
Politics: 400 Candidates to Compete in Elections; MPRP Makes Promise Beyond Original Platform; Pacific Economic Forum Workshop

RIO TINTO, IVANHOE MAY SHARE PRODUCTION WITH MONGOLIA
Rio Tinto Group and Ivanhoe Mines Ltd. may share production or profits from a Mongolian copper and gold mine with the nation's government to win approval to continue developing the site. The production-sharing plan at the Oyu Tolgoi project may replace a 34 percent equity stake included in an agreement proposed last year, Ivanhoe Chief Executive Officer John Macken said, in an interview. Asked whether the government would demand a share of production corresponding to the previously proposed 34 percent equity stake, Macken said, "It'll probably be closer to 50 percent.'' Mongolia's prime minister vowed to complete an agreement "as soon as possible", Ivanhoe Chairman Robert Friedland said in a presentation at the World Mining Investment Congress in London. "The first shaft at Oyu Tolgoi has been sunk, and the second is under construction", Friedland said

Be first to comment this article

Only registered users can write comments.
Please login or register.

Powered by AkoComment Tweaked Special Edition v.1.3.0