VANCOUVER – Ivanhoe Mines (TSX:IVN) is defending the investment agreement for its Oyu Tolgoi project in Mongolia as a fair and legally binding contract.
The Canadian mining company says the deal complies fully with all Mongolian laws and was negotiated in accordance with all resolutions issued by the Mongolian parliament.
The comments come as the Mongolian government demands a bigger stake in the massive gold and copper mine.
Ivanhoe owns a 66 per cent in the Oyu Tolgoi project while the Mongolian government owns 34 per cent.
The company says one reported potential proposed change would see an acceleration of the Mongolian’s right to increase its 34 per cent stake in the mine to 50 per cent.
Rio Tinto owns a 48.5 per cent stake in Ivanhoe Mines.
Local news from metronews.ca/vancouver
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