Oyu Tolgoi

Legendary mining financier Robert Friedland quits Ivanhoe in Rio Tinto shake-up

Anglo-Australian mining giant Rio Tinto tightened its grip on Ivanhoe Mines as part of a $3.3 billion financing deal announced this morning, leading to the resignation of chief executive and founder Robert Friedland.

Ivanhoe Mine shares surge on Rio Tinto takeover

Shares of Canada's Ivanhoe Mines Ltd. gained more than 5 percent in aftermarket trading on Thursday after majority shareholder Rio Tinto PLC disclosed that it is reviewing the company's board and management structure in advance of likely changes.

Oyu Tolgoi looks forward to 2012 and first copper-gold-silver production

The year of peak construction activity at Oyu Tolgoi mine in the Gobi desert of Mongolia (IM April and May issues this year) is nearing its end, with the project approximately three-quarters complete.

Mongolia wants 50 pct of Rio's Oyu Tolgoi project, minister says

Mongolia wants to bring forward the raising of its stake in the Oyu Tolgoi copper project that’s being developed by Rio Tinto Group and Ivanhoe Mines Ltd. to 50 percent from 34 percent, according to the minerals minister.

“We have sent the proposal to Ivanhoe to renegotiate the timeframe for us to increase the government stake,” Dashdorj Zorigt told reporters at Oyu Tolgoi yesterday. Such an increase is permitted after only 30 years, according to a summary of the $16 billion project agreement from London-based Rio Tinto.

Rio Tinto plans to sell 'a lot' Of Oyu Tolgoi output to China

Rio Tinto PLC (RIO) plans to sell "a lot" of the output from the Oyu Tolgoi copper and gold project in Mongolia to China, and is in discussions with smelters in China, Rio Tinto's U.S. Copper Chief Financial Officer said Friday at an industry event."Talks are still underway, and there's no definite plan right now," Kay Priestly told a Metal Bulletin conference in China.

With the Oyu Tolgoi mine strategically located close to China where demand is high, so "it's certainly our plan to transport a lot of the products to China," Priestly added.

Rio Tinto raises stake in Ivanhoe Mines to 48.5 pct

Mining company Rio Tinto PLC (RIO) Wednesday raised its ownership stake in Canada-based Ivanhoe Mines Ltd (IVN.T) by 2% to 48.5% as it sought to cement its commitment to the massive Mongolian Oyu Tolgoi copper-gold project.

Rio Tinto paid C$18.98 a share and exercised its subscription right to the tune of C$529.5 million in order to increase its take in Ivanhoe Mines, the majority owner of the Oyu Tolgoi project.

Gold and Silver to Generate up to 50% of Total Annual Revenues at Ivanhoe Mines’ Oyu Tolgoi Project

Ivanhoe Mines (TSE:IVN,NYSE:IVN,NASDAW:IVN) announced an update to the production potential of its Oyu Tolgoi project.

Oyu Tolgoi open pit starts receiving equipment as the whole complex makes good progress

Late last month Ivanhoe Mines received $502 million from Rio Tinto following Rio’s decision to exercise all remaining share-purchase warrants that it holds in Ivanhoe Mines. Assembly of open pit equipment has started – in this case Komatsu dozers.

Image of the Oyu Tolgoi complex by Ivanhoe Mines Ltd.

Ivanhoe says Oyu Tolgoi construction 23% complete

Robert Friedland, Chief Executive Officer of Ivanhoe Mines Ltd. (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN), issued an operations update today that reports on progress being achieved on the development of principal projects in the portfolios of the parent company and its subsidiaries and associated interests. Key developments:

Full-scale construction at Ivanhoe Mines' flagship Oyu Tolgoi copper-gold-silver mining complex is continuing toward a projected peak level of activity that is expected to be reached during the third quarter of this year.

The total number of workers engaged at the Oyu Tolgoi construction site has more than doubled since March 1, 2011, as part of the build up to the peak of construction and currently stands at 12,497.

Massive Oyu Tolgoi copper-gold project may be major silver producer-Friedland

The massive Oyu Tolgoi copper-gold project in southern Mongolia is now expected to produce an average of more than 3 million ounces of silver annually during its first 10 years of commercial production.

In a news release Thursday Ivanhoe Mines CEO Robert Friedland said "Oyu Tolgoi will rank as a very substantial silver producer when commercial production begins in 2013."

Mining super charges Mongolia's economy

John Garnaut, writing a column in The Sydney Morning Herald, outlines both the promise and potential pitfalls that the mining boom is bringing to Mongolia.

Training Partnership Boosts Mining in Mongolia

A new initiative to train mining professionals in Mongolia is planting the seed for a burgeoning mining industry in the north-Asian country bordering China and Russia. The program, a mix of online and short (two-day) courses leading to a Certificate …