"Mongolia is the best-kept secret in emerging markets in Asia," billionaire mining entrepreneur Robert Friedland said in a speech at the Asia Mining Congress.

Friedland, who is also chairman of Canadian miner Ivanhoe Mines Ltd. (IVN), said his company is proceeding with its Mongolian project.

Last week, the Mongolian government accepted some investment-related proposals made by the company which would help complete a stability agreement for the development of Ivanhoe's Oyu Tolgoi copper-gold deposit in the South Gobi region.

A stability agreement covers such issues as taxation and legislation.

The company, through its wholly owned subsidiary Ivanhoe Mines Mongolia Inc., is prepared to make capital investments of around US$1.15 billion in the first phase of mining, said Friedland.

Oyu Tolgoi, which means Turquoise Hill, is expected to have an average annual production in excess of one billion pounds of copper and 330,000 ounces of gold for at least 35 years.

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