Oyu Tolgoi budget approved; Ivanhoe Mines commits 3.2 billion dollars to Mongolian project

摘要

IVANHOE MINES announced a 2.3-billion US dollars capital budget has been approved for 2011 in what will be the peak year of construction activity on the first phase of the Oyu Tolgoi copper-gold project in southern Mongolia. Approval of the budget by the Ivanhoe Mines board of directors followed earlier full approval of the 100 kt/d (110,000 stpd) project by the Ivanhoe Mines-Rio Tinto joint technical committee, which is overseeing the Oyu Tolgoi project, as well as the board of Oyu Tolgoi LLC, the Mongolian company that holds the Oyu Tolgoi licences and is 66 percent-owned by Ivanhoe Mines and 34 percent-owned by the Mongolian government.