Allens Arthur Robinson (Allens) has advised leading international mining group and long-standing client Rio Tinto on an agreement to assume direct management of the valuable 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.
Partner Nic Tolé led the Allens team. He said that the firm has a history of advising clients such as Rio Tinto on major deals throughout the Asian region.
‘This transaction is a great example of Allens working with important clients and lawyers from other jurisdictions on significant overseas developments,’ Mr Tolé said.
Earlier this week, Allens advised Rio Tinto on the extension of its historic Channar Mining joint venture with Chinese State-owned metals trading house Sinosteel Corporation, and its separate non-binding Memorandum of Understanding with Aluminum Corporation of China to establish a landmark exploration joint venture in China.
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