Chretien named as adviser to Ivanhoe Mines
Wednesday, July 08, 2009
Vancouver — Former prime minister Jean Chretien has been named as senior international adviser to Ivanhoe Mines and its affiliated companies, the Vancouver-based international mineral developer said Wednesday.
Mr. Chretien will provide advisory services to Ivanhoe Capital Corp.'s affiliates through a contract with Global Mining Management, a private service company based in Vancouver.
Global Mining is jointly owned by several companies, including: Ivanhoe Mines Ltd. and its subsidiaries, South Gobi Energy Resources Ltd. and Ivanhoe Australia Ltd.; as well as Ivanhoe Energy Inc. and the privately held Ivanhoe Nickel & Platinum Ltd.
Mr. Chretien has been active in Canadian and global development circles as a lawyer with the Canada-based international law firm, Heenan Blaikie, since retiring from politics in 2003.
“Jean Chretien was instrumental in advancing relationships between many Canadian businesses and rapidly industrializing China and its neighbour nations through his hands-on, prime ministerial leadership of a series of successful Team Canada trade development missions,” said Ivanhoe executive chairman Robert Friedland.
“We believe that Mr. Chretien's experience and knowledge will be a prime asset in assisting the Ivanhoe companies to continue to build their businesses through opportunities that will be encountered in the energy and mineral resource sectors around the world during what is becoming the Asian Century,” Mr. Friedland added.
Ivanhoe Mines, an international mining and exploration company, is focused on mining, development and exploration projects in the Asia Pacific region, including Mongolia, China, Australia, Indonesia, Kazakhstan and the Philippines.
It lists its core assets as the Oyu Tolgoi copper and gold mine development project in southern Mongolia along with its large shareholdings in Mongolian coal miner SouthGobi Energy Resources and in Ivanhoe Australia, which has reported significant discoveries of molybdenum, rhenium and copper.
However, reports out of Mongolia say the country's newly elected president, President Tsakhiagiin Elbegdorj, wants to change the Oyu Tolgoi deal to give his government a greater share of the profits from what is considered the world's largest copper-gold development.
Ivanhoe has been trying to develop Oyu Tolgoi since about 2001, but the project has been held up by disagreements over how to share the wealth in a central Asian country suffering from widespread poverty and corruption.
The Mongolian government is said to now be turning to mining to raise badly needed revenue for its $1.1-billion (U.S.) economic stimulus plan approved earlier this year.
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