Ivanhoe says, in report, to have cash reserves to continue Oyu Tolgoi project
Monday, 17 November 2008
A review of Ivanhoe Mines Ltd.’s
third quarter results highlights it having cash reserves to continue
to pursue mining opportunities at Mongolia’s giant Oyu Tolgoi
Copper and gold site.
However, a start on construction
at Oyu Tolgoi has been delayed by a series of Mongolian political decisions
during the past year, including a national general election. Ivanhoe
Mines and its partner, Rio Tinto, recently reiterated to the Mongolian
Government their readiness to participate in a resumption of discussions
to conclude an Investment Agreement for Oyu Tolgoi.
Mongolia’s new coalition
government has declared that the development of major mineral deposits,
including Oyu Tolgoi, is a matter of high priority.
In their quarterly review,
Ivanhoe noted that a working group of elected members of Mongolia’s
parliament, the State Great Hural, has prepared two draft resolutions
that would direct the government to speed up the process,
begin working with Ivanhoe
Mines and Rio Tinto and submit a proposed Investment Agreement to the
Parliament to clear the way for construction to start on the Oyu Tolgoi
mining complex.
The resolutions also would
end the year-long wait for possible changes to Mongolia’s Minerals
Law and
direct the Government to initiate
discussions with Ivanhoe and Rio Tinto based upon the provisions of
the
existing 2006 Minerals Law.
Officials said that votes on
the resolutions are expected to be held in the near future.
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