Ivanhoe Ready to Start Building $4 Billion Mongolian Mine

Oct. 23 (Bloomberg) -- Ivanhoe Mines Ltd., the Canadian miner developing the Oyu Tolgoi project in Mongolia with Rio Tinto Group, said it’s ready to start mine construction at the $4 billion copper and gold operation. The venture is “ready to start full-scale mine construction” at the mineral deposit, bigger than the size of Manhattan, Chairman Robert Friedland said today at the China Eurasia Investment Forum in Beijing. The mine will boost Mongolia’s gross domestic product by 30 to 35 percent a year compounded over 30 years, Friedland said. Ivanhoe, based in Vancouver, signed an agreement with the Mongolian government on Oct. 6, ending more than six years of talks to mine the deposit. The project, which Rio has called the largest copper and gold resource, may operate for many as 30 years and generate $30 billion to $50 billion of revenue, Mongolian President Tsakhiagiin Elbegdorj said last month.