Would be good if INL could get a leg in the door here with their contacts with Iva. Mongolia gives nod to Rio, Ivanhoe mine March 4, 2009 - 3:23PM The Mongolian government has given the long-awaited green light for a proposal by Canada's Ivanhoe Mines to develop one of the world's richest copper deposits, the company said.
The cabinet and the national security council have ''endorsed in principle'' an investment agreement for the construction and development of the Oyu Tolgoi mine, Ivanhoe said in a statement.
The cabinet will then submit the agreement for approval by the Mongolian parliament, which is meeting to find ways to alleviate the impact of the global financial crisis.
The deal also needs the go-ahead of the boards of Ivanhoe Mines and global mining giant Rio Tinto, which holds a 9.95% stake in Ivanhoe and has an option to increase its share to as much as 46.65%.
The copper extracted at Oyu Tolgoi, about 80 kilometres north of the Chinese-Mongolian border, will be shipped to China and eventually find its way into mobile phones, laptop computers and cars around the world
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