Mongolia's parliament say "proceed"Mongolia’s parliament votes to advance approval discussions for the project’s investment agreement
Shares of Ivanhoe Mines (TSX: T.IVN, Stock Forum) moved more than 5% higher to $9.45 Thursday, as the company said that Mongolia’s national parliament has voted to advance approval discussions of the investment agreement for the Oyu Tolgoi copper-gold project in the South Gobi region.
Ivanhoe says the vote to proceed with consideration of the draft agreement was supported by 75% of the members of Parliament present and followed six hours of discussion.
The draft investment agreement and a companion shareholders' agreement were approved in principle by the Cabinet and the National Security Council and were introduced into Mongolia's national Parliament in March.
Under Mongolian law, the agreement now will be presented for its first official reading, says Ivanhoe.
“The comprehensive agreement, the culmination of almost five years of discussions and negotiations, and nine years of exploration and development by Ivanhoe Mines, establishes a legal framework for the construction and operation of the Oyu Tolgoi copper-gold mining complex and stabilizes certain taxes and fees in relation to the project,” says the company.
On the company’s Bullboard Thursday, long34 said: “Next stop production[sic].”
