Allens Arthur Robinson has advised international mining group and long-standing client Rio Tinto on an agreement to assume direct management of the Oyu Tolgoi copper-gold project in Mongolia.
Under the agreement, struck with Asia Pacific-focused international mining company Ivanhoe Mines, Rio Tinto will deliver an interim loan facility aimed at shaving six months off the Oyu Tolgoi project's original completion date. It is anticipated that the mine will now be operational by late 2012.
The agreement allows Rio Tinto to assume management of the project (subject to approval by the board of Oyu Tolgoi LLC) and increase its ownership in Ivanhoe Mines by 7.4 per cent to a total of 49 per cent.
Partners Igor Bogdanich and Steve Pemberton also worked on the deal, along with lawyer Steven Local.