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Allens acts for Rio Tinto in Mongolian deal

Allens acts for Rio Tinto in Mongolian deal

Deal summary:Allens Arthur Robinson has acted for Rio Tinto in the negotiation of its investment agreement with the Mongolian Government for its Oyu Tolgoi copper and gold project, which was…

Deal summary:

Allens Arthur Robinson has acted for Rio Tinto in the negotiation of its investment agreement with the Mongolian Government for its Oyu Tolgoi copper and gold project, which was signed on 6 October.

The signing of the investment agreement and the associated shareholders agreement with the Mongolian Government means Rio Tinto and Canada's Ivanhoe Mines can now proceed with the Oyu Tolgoi copper and gold project.

Key players:

Allens partner Igor Bogdanich (pictured) and senior associate Peter O'Sullivan, and others, worked with the Rio Tinto in-house team, operating out of Australia and Mongolia, providing 24-hour coverage when required for the negotiations.

Commentary:

"This was a complex, intense deal, with many stakeholders and with longrunning negotiations -often through translators. The commercial arrangements had to address the desired stable tax and operating environment for the project, and take into account the local legal landscape," Bogdanich said.

Company info:

Oyu Tolgoi is the world's largest undeveloped copper and gold resource, and is located in the South Gobi region of Mongolia. Production at Oyu Tolgoi is expected to begin around 2013.

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