The Oyuolgoi investment agreement, signed on October 6, will take full effect on April 6 when operations will formally begin. Ivanhoe Mines Mongolia Inc (IMMC) has already been renamed Oyutolgoi LC. 

The investor’s technical and economic estimates were sent back at the end of 2009 for revision. Rumors then spread that the agreement will be cancelled. It is believed the Mongolian side wanted clarification on the reserve estimates and water supply.   Oyutolgoi LC has said the disagreement now is limited to only 2-3 minor issues.

USD1 billion has been spent on the project so far. An external audit is on and tax organizations are also checking documents.