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66-611: Its principal and only material mineral resource interest is a 66% share of the Oyu Tolgoi Copper-Gold Mine in Southern Mongolia 200 km east of Dalanzadgad . The Oyu Tolgoi Project is considered one of the world's largest copper and gold porphyry deposits. For development to happen at Oyu Tolgoi, an agreement had to be made in which the Mongolian government took a 34% stake in the project;

132-612: A $ 3 billion stake (constituting 9.9% of nonvoting shares) in the Blackstone Group , shortly before Blackstone's public listing. CIC left the relationship in February 2018 via Beijing Wonderful Investments. In September 2013, the fund acquired a 12.5% stake in Russian potash fertiliser company Uralkali for a rumoured $ 2 billion. In March 2014, CIC acquired a $ 40 million stake in iKang Health Group. In October 2015,

198-690: A A$ 125 million IPO (62.5 million shares) and Rio Tinto helped the Oyu Tolgoi project acquire certain equipment. Ivanhoe Australia was floated on the ASX exchange with Ivanhoe Mines owning 80% of it. 2009 - Ivanhoe finally reached an agreement with the Mongolian Government on its share in Oyu Tolgoi, taxes as well as Ivanhoe's responsibilities when it comes to the environment and job opportunities for local people. In October Rio Tinto bought 46.3 million common shares for $ 388 million. In November

264-545: A Chairman during this period. Tu supervised CIC's continued process of aligning its investments with the priorities of the Belt and Road Initiative. Responding to Western countries' hostility to Chinese state-led investment, Tu established a strategy of CIC partnering with well-established Western institutions including Goldman Sachs to form cooperation funds that could better satisfy the requirements of foreign direct investment screening processes. In April 2019, Peng Chun

330-594: A general lack of professionalism. Amid the nationwide anti-corruption campaign in 2015, CIC launched an internal investigation in which 495 personnel from CIC and its subsidiaries were disciplined. CIC's investment strategy changed during Ding's tenure, with an increased focus on the agricultural sector, including industries such as irrigation and animal feed, which other institutional investors have tended to overlook. Other points of emphasis during Ding's time as CIC Chair included technology, real estate, and infrastructure investments. In 2014, CIC contributed some of

396-589: A head in 2013, with the government urging Rio Tinto to settle the US$ 340 million tax issue and the cost overruns from the initially planned US$ 5.1 billion to US$ 7.1 billion during the initial stage of the project. In July 2013, the shares in Turquoise Hill Resources (Rio Tinto's unit that controls 66% of the mine) dropped 20% after a dispute between Tserenbat Sedvanchig, the executive director of Erdenes Oyu Tolgoi (the state-owned company that controls

462-484: A possible increase to 170,000 tonnes per day. As of 2010, the estimated cost of bringing the Oyu Tolgoi mine into production was US$ 4.6 billion, making it (financially) the largest project in Mongolian history; however, by 2013 costs had ballooned to $ 10 billion, which caused some concern for the Government of Mongolia, which borrows its 34 per cent share of investment from foreign investors with interest. The mine

528-535: Is Rio Tinto , with a stake of 50.8%. This is up from 46.5% beforehand. In June 2011 Rio Tinto paid $ 502 million for 55 million additional shares, increasing its control to 46.5% from 42% (35% prior to that) and giving it an extra seat on the board (up to 7/14), though Rio Tinto was restricted from increasing its stake in the company to a majority before 2012. Since 2006 Rio Tinto invested $ 3.5 billion in Ivanhoe Mines. Former Canadian prime minister Jean Chrétien

594-563: Is a sovereign wealth fund that manages part of China's foreign exchange reserves . China's largest sovereign fund , CIC was established in 2007 with about US$ 200 billion of assets under management , a number that grew to US$ 1,200 billion in 2021 and US$ 1,350 billion in 2023. As of 2007, the People's Republic of China had US$ 1.4 trillion in currency reserves . That year, the China Investment Corporation

660-745: Is a special advisor to the company. In September 2010 it was reported that exploration around Oyu Tolgoi at the Heruga North deposit revealed higher reserves of gold and copper than previously estimated (the news caused IVN share prices to rise 6%). Capital spending is likely to reach $ 5Bn; in October 2010, Ivanhoe announced a new $ 1Bn share offering in order to raise funds to develop this mine. Due to new entitlement offers by Ivanhoe Australia (made to raise funding in order to develop assets in North Queensland, Australia) Ivanhoe Mines' interest in

726-652: Is already producing, 114.1 million tonnes in reserves), and two development projects, the Soumber Deposit (55.5 million tonnes in reserves) and the Ovoot Tolgoi Underground Deposit. Ivanhoe exited these operations on April 2, 2012, when it sold its 57.6% interest in SouthGobi Resources Inc to Chalco for $ 889 million. The mines, acquired in 2003, are located at Mount Isa , Cloncurry , with the largest project being

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792-562: Is confident that either other investors will come forward or the financing will become available. It is seeking $ 2 billion in financing from 13 institutions. On January 27, 2011, Ivanhoe used a rights offering to raise the $ 1.8 billion necessary to start development at the 66% owned Oyu Tolgoi mine. After the rights offering, Robert Friedland (founder and CEO) will have his interest in the company reduced to 15.5% while Rio Tinto will maintain its interest at 40.5%. On February 9, 2011, two Rio Tinto executives were elected to Ivanhoe's board, putting

858-432: Is draining the region's water supply, since it uses more than a billion gallons of water a month. In addition, there is a substantial risk of acid rock drainage from the mine, from tailings storage facilities and from any overburden or waste rock stored on the surface and not deposited back into the mine. South Gobi is also a critical habitat for at least six endangered and threatened species found nowhere else in

924-537: Is expected upon completion to produce 450,000 tonnes (500,000 short tons) of copper annually. Financing for the project has come in part from the Rio Tinto Group and an investment agreement between Ivanhoe Mines and the government of Mongolia. Rio Tinto reached an agreement with the government in January 2022 to move the joint Oyu Tolgoi copper and gold project forward and resolve outstanding issues, which

990-488: Is key for Mongolia to significantly increase its copper exports to China in 2023. In 2001, Canadian-based Ivanhoe Mines estimated the resource gold - copper ore deposit in the Gobi Desert of Mongolia, which Soviets had discovered officially before 1990. It is in an area known as Oyu Tolgoi (Mongolian for Turquoise Hill ), where in the time of Genghis Khan outcropping rocks were smelted for copper. The place

1056-669: Is key for Mongolia to significantly increase its copper exports to China in 2023 and attract more investment. The deposits are Late Devonian quartz monzodiorite igneous intrusions , and include the Southwest Oyu, South Oyu, Central Oyu, Hugo Dummett, and Heruga gold and porphyry copper deposits . The central portion of the deposit consists of hydrothermal breccia that crosscuts a feldspar porphyryr . The regional geology consists of middle to late Paleozoic Gurvansaihan island arc terrane . Oyu Tolgoi will use both underground and open pit mining techniques. Initially

1122-568: Is located 80 km north of the China Mongolia border giving the companies that produce there an added benefit (China is the world's biggest market for commodities futures). In September 2010 Oyu Tolgoi reserves were placed at 81.3 billion pounds for copper and 46.4 million ounces for gold. Construction of the Oyu Tolgoi mine was 15% complete at the end of March 2011, ahead of schedule which calls for first production in 2013 and full production in 2018. In 2011 14,000 people will be working at

1188-456: Is said to account for more than 30% of Mongolia's GDP upon completion. In early 2010 global mining company Rio Tinto owned 22.4% of Oyu Tolgoi owner Ivanhoe Mines (now Turquoise Hill Resources), and gave both technical assistance and financial support to the project. At the time Rio Tinto had the option of increasing their stake to 46.6%. On 31 March 2010 the Government of Mongolia approved an investment agreement where they would purchase 34% of

1254-496: Is scheduled to produce 430,000 tonnes (470,000 short tons) of copper per year, an amount equal to 3% of global production. Oyu Tolgoi is also expected to produce 425,000 ounces (12,000 kg) of gold annually, with "by-product silver and molybdenum". Rio Tinto intends to employ 3,000–4,000 people from Mongolia. In January 2022, Rio Tinto reached an agreement with the government to move the joint Oyu Tolgoi copper and gold project forward and resolve outstanding issues. The agreement

1320-431: Is seen as being "firmly entrenched" in the political establishment as the composition of its board of directors implies "considerable influence on the part of China’s Ministry of Finance." The Board of Directors is composed of the members listed below: The Board of Supervisors is composed of the members listed below: The Executive Committee is composed of the members listed below: The International Advisory Council

1386-752: The China Investment Corporation invested US$ 500 in SouthGobi in the form of a convertible debenture. 2010 - January - SouthGobi raised C$ 459 million by going public on the Hong Kong Stock Exchange. In March $ 250 million of the $ 500 million China Investment Corporation debenture was converted into SouthGobi common shares; the move lowered Ivanhoe's interest in it to 57%. Also that year, Rio Tinto promised that it will not make any attempts to take over Ivanhoe Mines before October 18, 2011 (Rio Tinto's possible interest in

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1452-647: The Communist Party appointed Ding Xuedong as CIC's chairman. Ding oversaw a restructuring of CIC and an increased focus on internal discipline. He required senior executives and over 400 CIC employees to submit self-criticisms in which they detailed their errors, apologized, and pledged not to repeat those errors. Under Ding's tenure, an audit begun under predecessor Lou Jiwei was concluded. The audit found that CIC's early losses were primarily due to dereliction of duty by key personnel, inadequate due diligence, inadequate post-investment management, and

1518-791: The Ministry of Finance converted its ownership of $ 200 billion of CIC's debt into equity , a result which relieved CIC of interest payments on the special treasury bonds that had initially capitalized it and instead resulted in CIC paying an annual dividend to the Ministry of Finance. In 2010, CIC established a new subsidiary, CIC International (Hong Kong) Co in Hong Kong and appointed Lawrence Lau as its chairman. In 2011, CIC established its first foreign office in Toronto , Canada. In July 2013,

1584-481: The People's Republic of China , where the mined copper is expected to be shipped. Oyu Tolgoi deposits contain an estimated 2.7 million tonnes of copper and 1.7 million ounces (48,000 kg) of gold. It also contains 1,900 tonnes of silver and 205,000 tonnes of molybdenum . Production began in 2013 and is scheduled to reach full capacity in 2021. Over the anticipated lifespan of the mine (>50 years), Oyu Tolgoi

1650-674: The State Administration of Foreign Exchange , CIC paid $ 67 billion of its initial $ 200 billion capital. Central Huijin manages more than two-thirds of CIC's assets. In 2008, CIC joined the International Forum of Sovereign Wealth Funds and signed up to the Santiago Principles on best practice in managing sovereign wealth funds. CIC also sought to improve its credibility by assembling an international advisory council of important individuals from

1716-615: The company to develop a strong, detailed, long-term species conservation and habitat protection plan, including a rigorous monitoring strategy. They are of the opinion that the current mitigation strategies described in the ESIA are too general and are not based on empirical data. Consequently, the offset strategy presented by the company can be called into question. Mongolia's Southern and Central Zones occupy terrain traditionally used by nomadic herdsmen . Diverting already scarce water resources to mining could jeopardize their livelihoods . In

1782-434: The economic development of natural resources and a decline in the manufacturing sector or agriculture . Cashmere industry and agricultural sector are already feeling the side effects. Although Mongolia ’s economic growth has helped to reduce poverty by more than 11 % in recent years, there is also a rising inequality in terms of income distribution. Poverty is higher in the rural areas (35.5%) compared to

1848-599: The urban areas (23.2%), as herders in the countryside struggle to survive as their traditional livelihood dissolves. Gantömöriin Uyanga, an MP has announced that former PM Sanjaagiin Bayar , who signed the OT Investment Agreement with 3 of its Cabinet Members, owns 7 properties abroad on the names of his daughters, ex-wife, and girlfriend worth of several billion dollars. However, S.Bayar has approached

1914-567: The Ömnögovi Province capital Dalanzadgad . The site was discovered in 2001 and is being developed as a joint venture between Turquoise Hill Resources (a majority owned subsidiary of Rio Tinto ) with 66% ownership and the Government of Mongolia with 34%. The mine began construction as of 2010 and shipped its first batch of copper on 9 July 2013. The Oyu Tolgoi mining project is the largest financial undertaking in Mongolia's history and

1980-639: The Agency to conduct investigations upon me in accordance with the Mongolian legislation". Also Sangijav Bayartsogt, the former Deputy Speaker of Parliament and one of the 3 ministers who signed the OT agreement has had his secret offshore account revealed by "The Guardian", a British Newspaper. According to the report the Deputy Speaker of Parliament, Sangijav Bayartsogt, confirmed having a secret Swiss bank account containing more than one million US dollars, in

2046-529: The Americas , New York City , which valued the building at $ 2.3 billion. In November 2017, CIC purchased Logicor , a European warehouse company, from The Blackstone Group L.P. for $ 13.49 billion. Other companies were also bidding for Logicor. In addition to its pursuit of financial returns, CIC's investments are also intended to promote China's national interests. For example, its investments in natural resources both support China's development and support

Turquoise Hill Resources - Misplaced Pages Continue

2112-540: The CEO of Turquoise Hill Resources is Ulf Quellmann, an experienced finance executive from Rio Tinto. Oyu Tolgoi mine The Oyu Tolgoi mine , also Oyuutolgoi ( Mongolian : Оюутолгой , pronounced [ɔˌjʊˑtʰɔɮˈɢœˑ] ; lit. "Turquoise Hill"), is a combined open pit and underground mining project in Khanbogd sum within the south Gobi Desert , approximately 235 kilometres (146 mi) east of

2178-506: The CIC provided capital in a deal between Carnival Corporation and China State Shipbuilding Corporation In October 2015, CSSC Carnival Cruise Shipping , a joint venture between the CIC, the China State Shipbuilding Corporation , and Carnival Corporation & plc , was founded, with operations expected to commence in 2019. In January 2017, acquired a 45% stake in the office skyscraper 1211 Avenue of

2244-533: The Communist Party's strategic priorities. Having entered the global market in 2007 shortly before the global financial crisis, CIC's initial performance was lackluster. This created a political opportunity for the State Administration of Foreign Exchange in 2013 to expand the sovereign funds under its jurisdiction. CIC is among the worldwide sovereign funds whose investments tend to prompt other institutional investors to perceive investing alongside

2310-567: The Independent Agency Against Corruption with request to conduct investigation upon himself. His request reads: "Recently media coverage on possible money laundering through purchase of number of real estates abroad with the sources stating that I, Bayar Sanjaa, have abused my position as Prime Minister and lobbied the approval of the Oyutolgoi Agreement. In matter of these claims I hereby request

2376-760: The Kyzyl gold project in Kazakhstan through Altynalmas Gold and has exploration projects in China, Indonesia and the Philippines. Turquoise Hill Resources also owns 14% of Entree Gold, a company with interests in copper and gold projects in southern Mongolia and Arizona , and 14% of Exco Resources which operates Cloncurry's copper project and the White Dam gold mine in Australia. The company's largest shareholder

2442-578: The Merlin mine, which has the world's highest grade molybdenum-rhenium deposit. The other is Tennant Creek . It has also acquired the Barrick Gold Osborne asset near Merlin, which has an ore processing plant. Completion of the purchase required $ 18 million. Oyu Tolgoi has measured and indicated reserves of at least 36.3 billion pounds of copper and 20.2 million ounces of gold. Newly discovered deposits at Oyu Tolgoi could add substantially to

2508-478: The Ministry of Finance issued bonds, (2) the Ministry of Finance used the proceeds of the bond issuance to buy foreign exchange reserves from the People's Bank of China , and (3) these reserves were used to fund CIC. The state-owned Central Huijin Investment Corporation was merged into CIC as a wholly owned subsidiary, a process that was completed in 2008. To acquire Central Huijin from

2574-636: The West. CIC's early foreign investment activities resulted in losses, as it significantly invested in the United States financial sector just before the 2007-2008 global financial crisis . As a result, it shifted its focus in 2009 to prioritize investments in natural resources. It also replaced its previous asset-class based divisions with new divisions organized based on strategic priorities: Public Market Investments, Tactical Investments, Private Market Investments, and Special Investments. In 2009,

2640-546: The company at 51%. To obtain the additional funding, it was required that Ivanhoe Mines change its name and that founder Robert Friedland resign as CEO. Six of the senior board members also resigned however they didn't include former CEO John Maken who became company president. 2013 – June - Turquoise Hill Resources announced it had secured a $ 225-million non-revolving bridge facility from majority shareholder Rio Tinto . Nariin Sukhait (Ovoot Tolgoi, flagship coal mine that

2706-462: The company is limited to 46.65%). 2012 - April - Ivanhoe Mines sells its 57.6% share of SouthGobi Resources to Chalco for $ 889 million. The decision came partly as a result of pressure from Ivanhoe's largest shareholder Rio Tinto to sell non core assets. However, the Mongolian government asked that work be stopped at the company's Ovoot Tolgoi mine. On July 31, 2012 Rio Tinto purchased $ 935 million worth of Ivanhoe shares putting its total interest in

Turquoise Hill Resources - Misplaced Pages Continue

2772-495: The company was reduced from 81% to 62%. At the end of March 2011 construction of Oyu Toloi was 15% complete. At the end of February 2012 construction of Oyu Tolgoi was 73% complete. In 2016 Turquoise Hill produced 201,300 tonnes of copper and 300,000 ounces of gold, exceeding guidance and generating US$ 1.2 billion in revenue. The Company recorded net income from continuing operations attributable to owners of Turquoise Hill of $ 210.6 million. 2000 - In December ABM Mining (private)

2838-572: The fund as comparatively more safe. CIC has been described as a unicorn -maker for its role in fueling the growth of Chinese tech sector through its early support of Alibaba and DiDi . It has also provided important funding to companies in China's semiconductor industry . The management and board of the China Investment Corporation ultimately reports to the State Council of the People's Republic of China . The China Investment Corporation

2904-475: The government (Cabinet) to look into "a product sharing arrangement" or swap its 34% equity with "a special royalty". Oyu Tolgoi mine is located in one of the driest areas in Mongolia . Rainfall in the desert area ranges between zero and 50 mm per year. It is estimated that the water demand will triple in the coming two decades mainly due to mineral exploitation in the area. Herders worry that Oyu Tolgoi

2970-636: The government of Mongolia, that resolves the outstanding issues that have been subject to negotiations with the Government of Mongolia over the last two years in relation to addressing Parliament Resolution 92. [1] The agreement includes a secret clause that Rio Tinto pays $ 20 million to Erdenes Oyu Tolgoi for “business integrity resolution.” These payments are under investigation by Anti-Corruption NGOs, including Transparency International Mongolia , as deemed highly likely to be bribery payments to senior officials in Mongolian government. China Investment Corporation China Investment Corporation ( CIC )

3036-461: The harsh conditions of the Gobi desert , herders have a very specific way of organizing summer pasture and its rotation, access to water, hay collection and hay storage. Any changes to these unique practises hamper the livelihoods of nomads . Steel fence that surrounds the gaping mine blocks traditional herding corridors and makes it difficult for the herd animals to find water. Roads constructed by

3102-525: The initial capital for the Silk Road Fund . In January 2015, CIC made its Special Investments Division into a separate, wholly-owned subsidiary called CIC Capital. This move was intended to support the Belt and Road Initiative including by conducting foreign direct investment and by supporting state-owned enterprises of China engaged in mergers and acquisitions in economic sectors prioritized by

3168-432: The measured and indicated reserves estimates. In Northern Kazakhstan; according to an independent pre feasibility study by UK engineering and consultant group Scott Wilson Ltd. the mine's reserves are estimated at 3.3 million ounces and mine life 10 years. The copper and gold rich property discovered by Ivanhoe Mines in 2001, is in the process of being transformed into an open pit and underground mining operation. It

3234-499: The mine owners present additional barriers to animals. Some Mongolian herders forced to resettle because of the Oyu Tolgoi expansion have experienced herd loss. They were forced to move to inferior locations without adequate time to select spots that would protect their animals from harsh winter storms. The minimal assistance provided at the time of resettlement was not sufficient. Furthermore, they were forced to accept inadequate compensation based on their location in proximity to

3300-404: The mine will process 70,000 tonnes of rock per day, ramping up to 85,000 tonnes from both the open pit and the underground mine (underground mining is to be done by block caving ). The yield from the first phase of mining will be ground through one semi-autogenous grinding mill (SAG mill). Expansion to new underground areas will result in an additional increase of up to 140,000 tonnes per day with

3366-409: The mine, rather than the size of pasture taken away from them. Mining in Mongolia currently contributes about a third of GDP and accounts for 89.2 per cent of the country's total exports . The numbers are expected to rise since government issued about 3,000 new mining licences . Building an economy on minerals puts country at risk of Dutch disease , or the relationship between the increase in

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3432-522: The name of an offshore entity "Legend Plus Capital Limited". The Guardian reported Bayartsogt Sangajav saying, "I shouldn't have opened that account. I should have included the company in my declarations," to the International Consortium of Investigative Journalists (ICIJ). "I don't worry about my reputation. I worry about my family. I probably should consider resigning from my position." In January 2022, Rio Tinto reached agreement with

3498-670: The newly discovered Heruga Deposit at Oyu Tolgoi was for the first time officially acknowledged (estimates completed) as having a substantial resource of copper, gold and molybdenum. Three months later, in April the government approved the Ovoot Tolgoi project allowing Ivanhoe to begin production in the southern portion (Sunset Field). In May it sold its majority interest in Jinshan Gold Mines for C$ 216.7 million. Later that summer Ivanhoe's Australian subsidiary went public with

3564-434: The number of Rio Tinto board members at 6 (out of a total of 14). The move was made in response to Rio Tinto's growing interest in the company. In June 2011, Rio Tinto paid $ 502 million for 55 million more shares of Ivanhoe Mines, or 4.5% more of the company (up to 46.5%). The move gave it 7 of 14 board seats. By early 2012, Rio Tinto owned 51%. In April 2012, Robert Friedland resigned as CEO of Ivanhoe Mines. As of July 2018,

3630-525: The other 34%), and Rio Tinto. Sedvanchig was fired in August and replaced by Davaadorj Ganbold, a former deputy minister and member of parliament. In the meantime, Rio Tinto cut 1700 Mongolian employees from the mining operation. On 21 November 2019, the parliament of Mongolia adopted a resolution on "Ensuring Interests and Rights of Mongolia in the Exploitation of Oyu Tolgoi Deposit, which instructs

3696-669: The outstanding debt associated with the Savage River iron ore project in Tasmania, Australia giving ABM Mining a priority claim on the project's assets. 2005 - Savage River Project sold to Stemcor Holdings Limited of London for up to US$ 170 million. The spinoff was part of the company's efforts to shift focus to Oyu Tolgoi (specifically the Hugo deposit). 2007 - In May the company sold all of its coal projects including Ovoot Tolgoi to Asia Gold Corp (currently SouthGobi ); as part of

3762-480: The project. In October 2010, Ivanhoe announced a new US$ 1 billion share offering in order to raise funds to develop this mine. Rio Tinto increased its ownership of Ivanhoe in December 2010, also assuming direct management of the design and construction of the project, however without fulfilling another aim, to achieve direct ownership of the mine. Disagreement between the Mongolian government and Rio Tinto came to

3828-415: The royalty arrangement it currently has with the Mongolian government took years to reach which caused significant delays in project development. In Australia, Turquoise Hill Resources has stakes in mines containing gold, uranium, copper and the world's highest grade molybdenum and rhenium. In Mongolia the company controls several other gold and copper mine development projects. It owns a 50% interest in

3894-442: The site. By the end of February 2012 construction of Oyu Tolgoi was 73% complete. Rio Tinto has expressed interest in raising its stake in the company from 35% to 46.6%, eventually leading to a takeover. However, Ivanhoe Mines is not interested in selling out. Ivanhoe has implemented a shareholder rights plan aimed at preventing a creeping takeover. Though Ivanhoe still needs to raise billions of dollars to develop key projects, it

3960-476: The state. During Ding's tenure, CIC closed its Toronto office, moving its foreign office presence to New York. The Communist Party viewed Ding's tenure at CIC as a success and in February 2017 promoted Ding to secretary general of the State Council . CIC Vice Chairman and general manager Tu Guangshao led CIC for a two-year period following Ding's promotion to the State Council. CIC did not have

4026-570: The transaction Asia Gold gave Ivanhoe Mines over 80 million more shares of the company raising its interest in it from 45% to a majority stake. Later in October Rio Tinto helped Ivanhoe gain access to a $ 350 million credit facility which Oyu Tolgoi needed for further development. 2008 - In January Ivanhoe Mines raised $ 117.9 million through a series of private placements one of which increased its interest in SouthGobi (when it converted preferred shares into common shares). Also that month

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4092-454: The world. Two protected areas are located in close proximity to Oyu Tolgoi and are included in the mine's area of impact. In order to compensate for the loss of habitat, a biodiversity offset strategy has been released, however the NGOs are not convinced. They are stressing that company did not consider avoiding, minimizing or mitigating the damage and went directly to offsetting . They urge

4158-781: Was appointed CIC's Chairman. Peng has continued former Vice Chairman Tu Guangshao's cooperation fund strategy. In 2020, CIC formed the France-China Cooperation Fund, the China-Italy Industrial Cooperation Fund, the UK-China Cooperation Fund, and the Japan-China Industrial Cooperation Fund. Under Peng's leadership, CIC unwound its 2015 spinoff of CIC Capital as a separate subsidiary. In May 2007, CIC bought

4224-420: Was established with the intent of using these reserves for the benefit of the state by investing abroad in investments that are higher risk and higher reward than government bonds. CIC's funding resulted from the state use of leverage and is therefore unlike most non-Chinese sovereign funds , which tend to be funded through state revenue from national resources like oil. CIC was capitalized as follows: (1)

4290-428: Was merged into Ivanhoe Mines. At the time Ivanhoe's main assets included 50% of Myanmar's Monywa Copper Project (28,500 tonnes/year); that year production by both companies totalled 13,350 tonnes for copper, 2 million tonnes for iron ore pellets and 48,000 tones for iron ore concentrate. ABM Mining was founded in 1997 and remained a privately held company until the merger. 2002 - Subsidiary ABM Mining purchased all of

4356-518: Was suspected to have mineralization by Mongolian geologists since the 1950s. By 2003 there were 18 exploration drill rigs on the property employing approximately 200 people, and Oyu Tolgoi was the "biggest mining exploration project in the world." In January 2013 Oyu Tolgoi started producing concentrate from the mine. The Oyu Tolgoi mine is in the South Gobi Desert of Mongolia, 80 kilometres (50 mi) north of Mongolia's border with

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