Ivanhoe Mines Approves US$2.3 Bln Capital Budget - Quick Facts
(RTTNews) - Ivanhoe Mines Ltd. (IVN: News ,IVN.TO: News ) announced that a US$2.3 billion capital budget has been approved for 2011 in what will be the peak year of construction activity on the first phase of the Oyu Tolgoi copper-gold project in southern Mongolia.
John Macken, President said, "Our ramp-up to full-scale construction during 2010 was so successful that we now are targeting to deliver the first ore to the concentrator up to six months earlier than previously projected. Oyu Tolgoi should be making its first sales of copper and gold in concentrate produced from ore from the Southern Oyu open pit during the fourth quarter of 2012."
Total capital required for phase one from January 1, 2011, to the start of commissioning of the ore processing plant, which is planned for the second half of 2012, is projected to be US$3.5 billion.
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by RTT Staff Writer
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John Macken, President said, "Our ramp-up to full-scale construction during 2010 was so successful that we now are targeting to deliver the first ore to the concentrator up to six months earlier than previously projected. Oyu Tolgoi should be making its first sales of copper and gold in concentrate produced from ore from the Southern Oyu open pit during the fourth quarter of 2012."
Total capital required for phase one from January 1, 2011, to the start of commissioning of the ore processing plant, which is planned for the second half of 2012, is projected to be US$3.5 billion.
Click here to receive FREE breaking news email alerts for Ivanhoe Mines Ltd and others in your portfolio
by RTT Staff Writer
For comments and feedback: contact editorial@rttnews.com
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