The Mongolian government, Ivanhoe Mines (IVN.TO) and partner Rio Tinto (RIO.L) have agreed to back a 2009 investment agreement for the massive Oyu Tolgoi copper-gold deposit, ending discussions over possible changes and sending shares of Ivanhoe up more than 17 percent. The 2009 deal gave a 66 percent stake in the multibillion-dollar Oyu Tolgoi project in Mongolia's South Gobi region to Canadian miner Ivanhoe, in which mining giant Rio Tinto (RIO.AX) now owns a 48.5 percent stake. The government holds the remaining 34 percent stake in the project and has the right to increase its stake to 50 percent after 30 years. But Mongolia's finance minister said in an interview with local media last month that the government was discussing changes to the terms and conditions of the agreement.
Shares of IVN traded higher by 16.9% or $2.53/share to $17.50. In the past year, the shares have traded as low as $12.11 and as high as $30.03. On average, 2585830 shares of IVN exchange hands on a given day and today's volume is recorded at 2167612.
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