Ivanhoe partners with Mitsui in Mongolia

Vancouver — Ivanhoe Mines (IVN-T) will join Mitsui & Co (MITSY-Q) of Japan in developing copper-gold and coal projects in southern Mongolia.

The companies will also co-operate in building a generating plant, transmission lines, roads and railways.

Mitsui & Co. will help develop Ivanhoe’s recently discovered coal deposits adjacent to the Nariin Sukhait metallurgical-grade coal mine, and both companies share an interest in the massive Tavan Tolgoi coal deposit, currently up for tender. Tavan Tolgoi hosts 16 coal seams ranging from 2 to 72 metres thick with government-estimated reserves of 5 billion tonnes.

Also, Mitsui is considering purchasing an equity interest in the massive copper-gold deposit known as Oyu Tolgoi.