Oyu Tolgoi for his huge project in Mongolia

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12 مارس 2007
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VANCOUVER – Ivanhoe Mines, which on Tuesday unveiled a plan to develop Oyu Tolgoi for his huge project in Mongolia, expects the mine to be a top-three copper / gold producer once operations ramp up. Oyu Tolgoi average production is estimated at around 1.2 billion pounds of copper and 650 000 ounces of gold per year in the first decade of operations, Ivanhoe said on Tuesday. During that period, cash costs, after gold credits are estimated at $ 0.45 / lb copper.
First production is scheduled for 2013, and the current reserve base will be a 27-year mine life support.
But the means to suggest the project activities may continue for 59 years, and even that could prove conservative, Ivanhoe Chairman Robert Friedland said.
In October 2009, Ivanhoe and Rio Tinto shareholder finally signed an investment agreement for the project with the Mongolian government, paved the way for the development of the mine.
Under the 2009 investment agreement, the Mongolian government bought a 34% stake in the project, and Ivanhoe, the other 66%.
With the independent integrated development plan is finalized, construction and development work can begin in earnest, Ivanhoe said on Tuesday.
“Given the size of our discoveries and the excellent economic aspects of this project, this plan gives us the green light that we expected this process to continue proceedings directly in the construction and operation of a world class mine,” said President John Macken .
The plan assumes a $ 2/lb copper price and $ 850/oz gold price, resulting in “very robust” economy, Friedland said during a conference simple call.
Ivanhoe believes the project will last long with established greats like Escondida and Grasberg in the pantheon of the world’s largest mines, “Friedland added, referring to large operations in Indonesia and Chili.
The capital cost of the Oyu Tolgoi project, including loans Ivanhoe will bring to the Mongolian government to cover the share is estimated at $ 4.6 billion.
Ivanhoe and Rio Tinto has a value of $ 758-1000000 budget for 2010 approved, and work planned for the year includes the resumption of the sinking of the shaft two, which will be used for ore to be hoisted to the surface of the underground copper / gold-rich Hugo Dummett deposit and begun construction of a 97-meter reinforced concrete head frame for the shaft.
The concrete foundation shall be paid for the first phase of the 100 000 t / d concentrator plus supplies of building materials for the concentrator, and infrastructure and a 20-MW power plant and an 35-kV distribution system will be installed.
The first earthworks for openpit mine in the Southern Oyu deposits will begin, and the underground lateral development from the shaft at the Hugo Dummett deposit one will continue.
The work will also be a 105-km road starting at the Mongolia-China border and at a regional airport capable of handling Boeing 737-sized aircraft.
Rio Tinto currently holds 22.4% of Ivanhoe and has the right to raise its stake to as much as 46.6%.
Ivanhoe, which will have to come with its share of the financing for the Oyu Tolgoi project, said in January had hired global investment bank Citi and independent specialist in the mining sector Hatch Corporate Finance to evaluate the company to advise on a number of strategic options.
The options included “potential debt / equity offering, a revolving credit and the sale of subsidiaries, equity investments, project financing and / or business operations, the company said at that time.
source:miningweekly
 

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