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Canadian company Ivanhoe Mines has plans for the DRC A while 60 million of its people live in extreme poverty!
Kinshasa, Democratic Republic of Congo--(Newsfile Corp. - January 22, 2024) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Founder and Executive
We are a coalition of diverse groups that employ direct action to bring class consciousness to the climate movement and force political and
Raising Consciousness About the Challenge of the Congo - Friends of the Congo
On Wednesday, Ivanhoe Mines walked away from a crucial 2010 shareholder rights provision that ensured its majority share status in Oyu Tolgoi. Ivanhoe currently has a 66% ownership stake in Oyu Tolgoi valued at $13 billion USD. As forgoing the share cap provision, Rio Tinto will be looking to expand its shareholding stake in Ivanhoe to more than 50% percent.
Rio has been heading in this direction since the 2010 agreement as the global mining giant has funded the project during dire times of the mine construction. Rio can leverage its upcoming investment of $4 billion USD into OT as the project is currently searching for further long term financing.
Rio's handling of Oyu Tolgoi and possible takeover of Ivanhoe does have precedence. In 2007, Rio took over Canadian company Alcan with a bid of more than $38 billion USD. The merger formed Rio Tinto Alcan, the largest alumninum company in the world.
Radio Podcast: Norway has advice for Libya
Editorial:
The past week has been big for Mongolia in the news. After a visit to the United States where President Elbegdorj continued to win over western journalists, the Mongolian government has created a stir over its contract with Ivanhoe and Rio Tinto. More than a just a handful of main stream media sources are reporting that Mongolia wants to rewrite the contract that it has already signed. There are enough reports out there so I don't feel the need to repost the stories. Instead I'll try to paint the big picture:
...
Prior to 2009, Mongolia realized that it didn't possess the infrastructure and capability to mine its own resources to the largest of scales, the Government signed an investment agreement with Ivanhoe and Rio Tinto to show that Mongolia is an open and investor-friendly country. The agreement stipulated that Mongolia gain 33% of the stakes in the project and that they would have the opportunity to increase that amount to 50% in 2039.
In 2010, Mongolia started realizing that they are sitting on even more resources than they initially thought. While Oyu Tolgoi was projected to fuel close to a third of the country's growth, now Mongolia realizes that there are several companies and projects that will do the same. It is clear that the infrastructure and mining know-how will be developed soon. With this is mind, should Mongolia wait till 2039 to get a better deal with its Oyu Tolgoi project? While investors press the government to honor its contract, Mongolian citizens are pressing its ministers to maximize its wealth.
With these latest developments, Mongolia is now trying to navigate its wealth and opportunities. As I follow this news, I couldn't help but remember this enlightening radio podcast about Norway and its oil wealth. This radio program is related to Mongolia because Norway is perhaps the only country in the world to get rich on resources without any domestic turmoil. Both countries have small populations and are able to get rich quick. Norway has been able to escape what is referred to as the Dutch Disease, a country's curse of resources.
Perhaps Mongolia can do the same time.
Rio Tinto bought 2% more of a stake in Ivanhoe Mines on August 24, 2011.
Under an agreement between the Oyu Tolgoi partners, Rio Tinto has the right to buy as much as a 49% stake in Ivanhoe. Currently, Rio holds a stake of 48.5%. common shares.
The price of the shares were $18.98.
In a press release by Ivanhoe Mines on August 22, 2011, CEO Robert Friedland projected that gold and silver could provide more than 50% of revenue for the Oyu Tolgoi mine for the first five years of production. The projections are based off a 2010 Integrated Development Report (IDP-10) and the current rising prices of gold and silver. The Southern Oyu and Central Oyu deposits will be site for the open pit mine that is vital to the first phase of construction, and could be producing as soon as late 2012 and commercially available by 2013. The most important metal at the site projected is copper. However, with this change in forecast, the fortune from gold and silver is expected greatly reduce the cost of mining copper.
