3,417.19
Peter
Meredith, Deputy Chairman of Ivanhoe Mines, has announced that Mongolian
diplomat Galsan Batsukh has been nominated to become Chairman of the Board of
Directors of Oyutolgoi LLC, which is building, and will operate, the Oyutolgoi
copper-gold project. “Mr. Batsukh
has been closely associated with the Oyutolgoi story virtually since it began
with Ivanhoe”s exploration drilling in 2001, when he was appointed
nominate him for this key role with the team that is building the mining
complex, which is the largest industrial development in
said.
“Mr.
Batsukh”s experience in international affairs and consensus building, and his
understanding of the expectations that the Mongolian people have in supporting
the development of their resources, will be an invaluable asset to the company
and the process.”
Oyutolgoi,
which will become one of the world”s largest porphyry copper-gold mines, is
scheduled to be in commercial production in 2013. Ivanhoe Mines owns 66% of
Oyutolgoi LLC and the Mongolian Government has acquired a 34% ownership stake.
Under
provisions of the Oyutolgoi Shareholders” Agreement, Ivanhoe Mines appoints six
of the nine members of the Oyutolgoi LLC Board of Directors and also nominates
the Chairman. The Mongolian Government appoints three Directors. Batsukh”s
nomination as Chairman will be confirmed at the first meeting of Oyutolgoi
LLC”s new Board being planned for June.
The
Ivanhoe Mines appointees for Oyu Tolgoi LLC directorships are:
- Galsan Batsukh. Ambassador
Batsukh presently is Ambassador at Large for
Affairs and Trade. He was formerly
ambassador to
between 2001 and 2005, with additional accreditations to
and
ambassador to
between 2005 and 2009, with additional accreditations to
Zealand
since 1992, Mr. Batsukh holds a doctoral degree in international relations
and previously was an executive with
Administration for eight years, including two years served as Chairman.
- Peter Meredith. Mr. Meredith
has been Deputy Chairman of Ivanhoe Mines since 2006. He oversees Ivanhoe
Mines” business development and corporate relations, was formerly Chief
Financial Officer and has been with the company since it began trading on
the Toronto Stock Exchange in 1996. He was Ivanhoe Mines” chief negotiator
for the Oyu Tolgoi Investment Agreement that took full legal effect in
March. Mr. Meredith also is Chairman of Ivanhoe subsidiary SouthGobi
Resources, a Mongolian coal producer, and was formerly a Chartered
Accountant with Deloitte & Touche in
- John Macken. Mr. Macken is
Chief Executive Officer, President and a Director of Ivanhoe Mines. He
joined Ivanhoe in 2003 after a 19-year career with mining giant Freeport
McMoRan Copper and Gold. He was formerly Freeport”s Senior Vice-President
of Strategic Planning and Development, based in New Orleans, and
previously spent a total of 13 years with Freeport”s operating unit, P.T.
Freeport Indonesia, culminating in the position of Executive
Vice-President and General Manager at Freeport-McMoRan”s Grasberg mining
complex in Indonesia, the world”s single largest copper and gold mine.
- Sam Riggall. Mr. Riggall
joined the Ivanhoe Mines subsidiary, Ivanhoe
as Executive General Manager – Commercial. He previously was General Manager
of Business Evaluation for Rio Tinto, and was Rio Tinto”s chief negotiator
for the Oyu Tolgoi Investment Agreement. He has extensive mining industry
experience in many parts of the world and previously worked in a variety
of commodity and functional roles within Rio Tinto, including industrial
minerals, base metals, exploration, investment evaluation, business
development and capital market transactions.
- William (Bill)
Weld.
Mr. Weld is international business adviser to the Ivanhoe group of
companies and a former Governor of Massachusetts. He has been affiliated
with the New York-based law firm of McDermott Will & Emery since 1997.
During Mr. Weld”s two terms as Massachusetts Governor, which began in
1990, he was credited with improving the state”s business climate and
leading international trade missions. Prior to his governorship, Mr. Weld
headed the U.S. Justice Department”s Criminal Division as Assistant
Attorney General and also was the U.S. Attorney for
- Andrew Harding. Mr. Harding is
Rio Tinto”s Chief Executive, Copper, and has been a member of the Ivanhoe
Mines Board of Directors since November 2009. He provides management
oversight to Rio Tinto”s Copper Group, comprised of mines and projects in
the
and
He previously was President and Chief Executive Officer of Rio Tinto”s
Kennecott Utah Copper and Global Practice Leader, Mining, within Rio
Tinto”s Technology & Innovation group. He held operating roles with
several mining companies in
Tinto in 1992.
The
Mongolian Government”s representatives on the Oyu Tolgoi LLC Board of Directors
were announced by the State Property Committee, which reports to Prime Minister
Sukhbaatar Batbold:
- Natsag Bagabandi. Mr. Bagabandi”s
distinguished political career culminated in his election as
second President, in 1997. Prior to his two successive terms as President,
he was a member of the national parliament, the State Great Khural, he was
elected as the country”s first parliamentary Speaker in 1992 and also
served as Chairman of the governing Mongolian People”s Revolutionary
Party. He was welcomed on a state visit to
countries established diplomatic relations. An extensively published
author, he has been recognized with leadership awards by the United
Nations,
- Puntsag Tsagaan. Mr. Tsagaan is
an adviser to
President Tsakhia Elbegdorj on minerals, energy and infrastructure
policies. He has had a distinguished career in
sectors during the past 25 years. The lawyer and economist was Minister of
Finance in 1996-98 and Minister of Education, Culture and Science in
2004-06, Deputy Labour Minister in 1992 and formerly an adviser to the
national parliament”s Democratic Party caucus. In business, he served as
General Director of
Golomt Bank and Chief Executive Officer of Deltasan, a finance company.
- Chuluun Ganbold. Mr. Ganbold is
Chairman of the board of
XacBank and Tenger Financial Group. He joined the XacBank board in 2003
and was elected Chairman in 2004, playing a leading role in guiding the
bank”s development as a business-support institution specializing in
microfinance and community development. He also is Chief Executive Officer
of the EDN public relations consulting agency. He was formerly an adviser
to a former Prime Minister and the
the Mongolian Advertising Association and President of the Rotary International
service club in
