Robert Friedland will resume
his position as CEO of Ivanhoe Mines as the company nears completion of its
massive copper and gold project in Mongolia, the company announced Monday.
Friedland, currently executive chairman of the company he founded, will replace
John Macken, who will remain Ivanhoe’s president.

Macken was hired to replace
Friedland as CEO in 2006 in order to lead development of the massive Oyu Tolgoi
project, which is thought to be one of the top three copper and gold mines in
the world. He will continue to head up construction of Oyu Tolgoi, which is
jointly owned by Ivanhoe and the Mongolian government.

“The most important contracts
of the entire Oyu Tolgoi construction project will be awarded in the coming
months, when the on-site workforce will expand from 5,300 today to more than
7,000 as we reach peak, full-scale activity,” Friedland said in a news release.
“John will fully devote his time to overseeing the progress being made in
Mongolia and ensuring that Oyu Tolgoi begins producing its first copper and
gold in late 2012, well ahead of the schedule previously set in the 2010
integrated development plan.”