InfoAnda - Mongolia signs with Rio, Ivanhoe on $4B gold mine

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Mongolia signs with Rio, Ivanhoe on $4B gold mine By GANBAT NAMJILSANGARAV,Associated Press Writer - Wednesday, October 7 Send IM Story Print ULAN BATOR, Mongolia – Mongolia signed a long-awaited deal with Rio Tinto and Canada's Ivanhoe Mines on Tuesday to develop a $4 billion gold and copper mine after a heated national debate over how to exploit the country's mineral wealth. The agreement on the Oyu Tolgoi mine in the Gobi desert was renegotiated repeatedly after opponents complained it shortchanged Mongolia. Parliament had to repeal a windfall profits tax in August before London-based Rio Tinto Ltd. and Ivanhoe Mines Ltd. would agree to go ahead. Mongolia will own 34 percent of the mine and receive a $250 million advance payment against royalties and taxes under the agreement signed by its ministers for finance, mining and the environment and executives of Rio and Ivanhoe. It calls for total investment of $4 billion. "It's been a long road," said Peter Meredith, Ivanhoe's chairman of the board, at a signing ceremony. "These agreements are designed to benefit all Mongolian people." Meredith said the foreign partners would be barred from selling their stakes to sovereign wealth funds or other investors. That is intended to reassure Mongolians who worry about economic domination by neighboring China and feared that a Chinese government fund might try to buy into the project. The first ore is expected to be shipped in 2013, according to Bayarsaikhan Tsevelmaa, chairman of a parliament committee on economic issues. Negotiations over Oyu Tolgoi began in 2001 but proceeded fitfully. The talks were a test of Mongolia's willingness to welcome foreign investment and pursue commercial ties with Japan, the United States and others to offset its economic dependence on neighbors China and Russia. Legislators had balked at the complexity of the proposed agreement and provisions that would cap Mongolia's stake in the mine at 34 percent while exempting the foreign miners from a windfall-profits tax. Parliament told the government in July to renegotiate the deal after lawmakers rejected an agreement reached in March. Opponents complained the deal shortchanged the country and said the government should own at least 51 percent of the mine. Under the latest version, the government can buy shares to raise its stake to 50 percent after 30 years once the miners recoup their initial investment. Recommend Send IM Story Print Related Articles Verisk Analytics IPO expected Wednesday AP - 1 hour 42 minutes ago Weak dollar, strong stock market push oil higher AP - 1 hour 49 minutes ago France dismisses talk of replacing dollar in oil Reuters - 2 hours 1 minute ago Verizon Wireless, Google to hunker down on phones AP - 2 hours 9 minutes ago Mistras Group IPO set for Thursday AP - 2 hours 14 minutes ago News Search Top Stories Gold price hits record high on 'plan' to ditch dollar Cracks emerge as IMF, World Bank work for recovery 'Masters of light' win Nobel Physics Prize Global economic crisis to slash carbon emissions: IEA Experts find 'faulty' gene linked to cancers More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Unemployment to peak in 8-12 months: IMF chief Trio win Nobel Medicine Prize for research into ageing Letterman apologizes to wife over affairs Furious farmers bring Brussels to a standstill Mother in plea to Elton John over adoption plan More Most Viewed » Oldest hominid skeleton sheds light on human origins Implanted tooth helps blind US woman recover sight More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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