rio signs $5billion mongolian copper deal

Looks like there is massive copper and gold in this
region of the word

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Rio signs Mongolian copper deal

By China correspondent Stephen McDonell

Posted Wed Oct 7, 2009 12:03am AEDT

Rio Tinto has signed a multi-billion-dollar deal to develop a massive copper deposit in Mongolia.

In Mongolia's Southern Gobi Desert, about 80 kilometres north of the Chinese border, lies the site of the Oyu Tolgoi mine, one of the World's richest copper deposits.

A deal has been signed for Rio Tinto to exploit the site along with Canada's Ivanhoe Mines.

The project, said to be worth $4.5 billion, will produce 450,000 tonnes of copper and 330,000 ounces of gold every year for the next 35 years.

The agreement comes after years of haggling over the size of the Mongolian Government's stake.

It was finally agreed it would retain 34 per cent ownership of the license holder Ivanhoe Mines Mongolia.

http://www.abc.net.au/news/stories/2009/10/07/2706649.htm



On Tuesday, Rio and its Canadian partner, Ivanhoe Mines, signed an agreement with the government of Mongolia, next door to China, to develop a $US3 billion ($A3.38 billion) gold and copper project.

http://www.wabusinessnews.com.au/en-story.php?/1/75761/1/dba


http://www.smh.com.au/business/rio-ivanhoe-seal-mongolian-deal-20091006-glel.html