FACTBOX-A history of Oyu Tolgoi copper project
Tue Oct 6, 2009 2:20am EDT
reuters.com
SINGAPORE, Oct 6 (Reuters) - Oyu Tolgoi is a copper-gold porphyry deposit in the southern Gobi desert, located 80 km north of the Mongolian-Chinese border.
Canada's Ivanhoe Mines (IVN.TO), in which Australian miner Rio Tinto (RIO.AX) holds a stake of just under 10 percent, is scheduled to sign the final investment agreement for Oyu Tolgoi with the Mongolian government on Tuesday afternoon, after lengthy delays.
An Integrated Development Plan (IDP) study originally indicated production would start in mid-2008 from an open pit, with full throughput of 70,000 tonnes or ore daily expected by the start of 2009.
Peak output of more than 725,000 tonnes annually of copper would be reached six years after start-up.
Production is now planned to begin in 2013, with output of 450,000 tonnes per year over a 35-year mine life.
KEY DEVELOPMENTS THIS YEAR:
July 2 - Rio Tinto says a $15.2 billion rights issue appeared to ease financing concerns for project.
July 21 - Rio said it was to resume talks with the Mongolian govt on July 27 to finalize an investment pact for the project.
August 20 - Mongolian parliamentary panels worked on legal revisions aimed at paving the way for foreign mining investment, including billions of dollars promised for the project.
August 25 - Ivanhoe & Rio said the project appeared to have cleared its final big hurdle after Mongolia's parliament passed 4 amendments key to its development. here (Source: Reuters Metal Production Database) |
