Ivanhoe Mines, Rio Tinto and the government of Mongolia have reached an agreement on the stakeholding of the Oyu Tolgoi project in the Asian country.
The government was seeking to raise its stake in the mine, which is expected to go into production during the third quarter of next year, from 34 per cent to 50 per cent.
The government has now agreed for its stake to remain at 34 per cent.
Ivanhoe Mines and Rio Tinto have already invested $2.6 billion into the project, with significant additional funds also committed to bring Oyu Tolgoi into production.
On completion, Oyu Tolgoi is expected to be one of the biggest copper mines in the world.
A joint statement released by Ivanhoe Mines, Rio Tinto and the Mongolian government stated: “All parties have reaffirmed their continued support for the investment agreement and its implementation.”
It went on to say: “Mongolia's economy has become one of the fastest growing economies in the world. The people of Mongolia are reaping great benefit from the construction of the Oyu Tolgoi project and stand to benefit even more when the project becomes operational.”
Rio Tinto, which operates the mine, owns 49 per cent of Toronto-listed Ivanhoe.
