The Mongolian government, Ivanhoe Mines (IVN.TO) and partner Rio Tinto (RIO.L) have agreed to back a 2009 investment agreement for the Oyu Tolgoi copper-gold deposit, ending discussions over possible changes and sending shares of Ivanhoe up as much as 18 percent. The news calmed investors, who had sold off the stock last month after Mongolia's finance minister told local media that the government was discussing changes to the terms and conditions of the agreement. The 2009 deal gave a 66 percent stake in the massive 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 Mongolian government holds the remaining 34 percent stake and can increase its stake to 50 percent after 30 years.
Shares of IVN traded higher by 10.55% or $1.58/share to $16.55. 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 5148902.
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