Mongolia Set to Sign Investment Agreement for Oyu Tolgoi Mine

5 October 2009 (Last Updated October 5th, 2009 18:30)

Mongolia is expected to sign a $4bn investment agreement for its Oyu Tolgoi copper and gold mine on 6 October, the government said. Mongolia contains abundant gold, coal, iron ore, uranium and zinc resources and the Oyu Tolgoi agreement could lead the way for further investments into th

Mongolia is expected to sign a $4bn investment agreement for its Oyu Tolgoi copper and gold mine on 6 October, the government said.

Mongolia contains abundant gold, coal, iron ore, uranium and zinc resources and the Oyu Tolgoi agreement could lead the way for further investments into the country, according to marketwatch.com.

Oyu Tolgoi owner Ivanhoe Mines and its joint venture partner Rio Tinto have been waiting years to sign an investment agreement to establish government involvement for the mine, the news service said.

Oyu Tolgoi is expected to generate 450,000t of copper each year with a mine life of 45 years.