Vancouver – Ivanhoe Mines (IVN-T) has confirmed discussions with Barrick Gold (ABX-T) regarding potential joint development of Oyu Tolgoi have ceased.
In reviewing the southern Mongolian copper-gold project, Barrick concluded it did not meet its investment objectives based on the relative percentage of gold in the deposit.
Ivanhoe remains in discussions with a number of international mining companies as well as mining/smelting organizations from China, Japan and Korea.
Recent independent resource estimates at Oyu Tolgoi, also known as Turquoise Hill, have outlined it as one of the largest copper-gold deposits in the world. The total inferred resource of the Hugo Dummett deposit is 1.16 billion tonnes grading 1.29% copper and 0.23 grams gold per tonne, using a 0.6% copper equivalent cut-off grade. The contained metal resource is 33 billion pounds of copper and 8.6 million oz. gold.