How the Oyu Tolgoi Project is creating opportunities in Mongolia

Rich in resources, Mongolia – a country of less than 3m people and GDP of just $7bn – has become a hotspot for global miners. And Oyu Tolgoi, the world’s biggest mine under construction, is seen as a litmus test for how the country will develop its resources sector.Independently verified estimates indicate that Oyu Tolgoi contains approximately 37 million tonnes of copper and 1,300 tonnes of gold in measured, indicated and inferred resources, allowing the project to operate for almost 60 years. There are currently more than 5,500 workers on site and the project is expected to result in the training and employment of thousands more Mongolian workers over the project’s expected life.

Rio Tinto has recently signed a new agreement with Ivanhoe Mines under which Rio Tinto will assume direct management of the world-class Oyu Tolgoi copper-gold project in Mongolia and provide a comprehensive financial package to Ivanhoe Mines that is expected to help secure the development of the project approximately six months ahead of schedule in late 2012.

Robert Friedland, Presdient and Executive Chairman of Ivanhoe Mines will be discussing how he has successfully been developing the huge Oyu Tolgoi project and his secrets of success in capitalising on the opportunities in Mongolia at the 2nd annual Mongolia Investment Summit in December this year.