Oyu Tolgoi under budget and ahead of schedule − Friedland
The Oyu Tolgoi copper/gold mega mine, in Mongolia, could likely be developed “ahead of schedule and under budget”, said Ivanhoe Mines CEO Robert Friedland. Speaking on the last day of the Diggers & Dealers conference in Western Australia, Friedland said that the project was around 33% completed, with Ivanhoe and its joint venture partner Rio Tinto, expected to spend some $2.3-billion on project construction during 2011. The Oyu Tolgoi project would start commercial production in 2013. Plans were for material to start moving from the Southern Oyu deposits in mid-2011, Friedland said, adding that all the major mining equipment had been secured, to ensure the prestripping stayed on schedule.
All the equipment for the concentrator had been assembled, with some 14 200 staff working on site.
The mine will start off as a 100 000 t/d openpit operation, with a concentrator plant, related facilities and necessary infrastructure, followed by an 85 000 t/d underground block-cave mine that will begin production in 2015.
The concentrator plant capacity will be expanded when the underground mine starts up.
Ivanhoe agreed last year to let Rio Tinto take over management of the project, with the diversified miner recently increasing its holding in Ivanhoe to 46.5%, after exercising its remaining warrants early.
The Oyu Tolgoi mine is expected to produce more than 1.2-billion pounds of copper and 650 000 oz of gold a year in the first ten years of operations, and by year seven the mine would produce around 1.7-billion pounds of copper and one-million ounces of gold for the remainder of the project life.
The underground mine would come on stream in 2015.
All the equipment for the concentrator had been assembled, with some 14 200 staff working on site.
The mine will start off as a 100 000 t/d openpit operation, with a concentrator plant, related facilities and necessary infrastructure, followed by an 85 000 t/d underground block-cave mine that will begin production in 2015.
The concentrator plant capacity will be expanded when the underground mine starts up.
Ivanhoe agreed last year to let Rio Tinto take over management of the project, with the diversified miner recently increasing its holding in Ivanhoe to 46.5%, after exercising its remaining warrants early.
The Oyu Tolgoi mine is expected to produce more than 1.2-billion pounds of copper and 650 000 oz of gold a year in the first ten years of operations, and by year seven the mine would produce around 1.7-billion pounds of copper and one-million ounces of gold for the remainder of the project life.
The underground mine would come on stream in 2015.
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