Thursday, 19th August 2004 (2828 views)

The president of Mongolia has highlighted his support for the development of Ivanhoe Mines' Oyu Tolgoi copper-gold project in South Gobi.

Robert Friedland, chairman of Ivanhoe Mines, has welcomed the support from President Bagabandi and met with him to explain the progress made so far at the mine.

A key factor discussed with the president was the importance of completing a detailed, long-term stability agreement, which will establish a framework of tax and import and export infrastructure measures and is now in the late stages of negotiation with the national government.

President Bagabandi "expressed his continued support for the project, underlining its importance to the economic development and future of the country".

In addition, the president reassured Mr Friedland that he wanted the project to be "implemented successfully" and that the agreement "shall be concluded soon between the government of Mongolia and Ivanhoe Mines".

It is hoped the mine will be in production by mid 2007.

 

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