VANCOUVER – Shares of Ivanhoe Mines gained 20 per cent after Mongolian government reaffirmed its commitment to a key investment agreement for its Oyu Tolgoi copper and gold mine.
Government officials had asked Ivanhoe and its partner Rio Tinto to consider making changes to deal, something Ivanhoe had refused to do.
In a joint statement Thursday the trio reaffirmed their continued support for the original investment agreement and its implementation.
The group said they are united in their commitment to secure the necessary financing and bring the project into full production.
Ivanhoe holds a 66 per cent interest in the project, while the Mongolian government holds 34 per cent.
Rio Tinto owns 49 per cent of Ivanhoe and is managing construction of the mine.
The project, which is 50 per cent complete, is on track toward production of its first ore next year and commercial production of copper, gold and silver concentrate in the first half of 2013.
Local news from metronews.ca/vancouver
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