Bloomberg reported that Ivanhoe Mines Limited ready to start mine construction at the USD 4 billion copper and gold operation.

Mr Robert Friedland chairman of Ivanhoe said at the China Eurasia Investment Forum in Beijing that the venture is ready to start full scale mine construction at the mineral deposit, bigger than the size of Manhattan. The mine will boost Mongolia’s gross domestic product by 30%to 35% per year compounded over 30 years.

Mr Tsakhiagiin Elbegdorj president of Mongolia said that Ivanhoe, based in Vancouver signed an agreement with the Mongolian government on October 6th 2009 ending more than 6 years of talks to mine the deposit. The project, which Rio has called the largest copper and gold resource may operate for many as 30 years and generate USD 30 billion to USD 50 billion of revenue.

(Sourced from Bloomberg)