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Message: Mongolia to Sign Oyu Tolgoi Agreement on Oct. 6, Montsame Says

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Mongolia to Sign Oyu Tolgoi Agreement on Oct. 6, Montsame Says

posted on Oct 01, 09 09:13PM

http://www.bloomberg.com/apps/news?pid=20601082&sid=awvfkMyTEUgo

By Bloomberg News

Oct. 1 (Bloomberg) -- Mongolia’s government will sign an agreement on Oct. 6 allowing Ivanhoe Mines Ltd. to develop the Oyu Tolgoi copper-and-gold mine, the government news agency Montsame said.

The date chosen is astrologically the most auspicious day in October, according to the Buddhist calendar, Montsame reported yesterday, citing unidentified people.

Mongolia’s government may approach international financial Institutions, including the World Bank, to help it raise the $820 million needed to maintain a 34 percent equity stake in the project, Montsame said, citing the parliamentary economic committee Chairman T. Bayarsaikhan.

The government missed a Sept. 30 dateline for signing the accord because of a need to translate the agreement into English to avoid interpretation issues, Bayarsaikhan said, the news agency reported.

--Eugene Tang. Editor: Tan Hwee Ann, Indranil Ghosh.

To contact the reporter on this story: Eugene Tang in Ulaanbaatar on +8610-6649-7577 or eugenetang@bloomberg.net

Last Updated: September 30, 2009 23:50 EDT

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