The Oyu Tolgoi Investment Agreement is signed by Rio Tinto, Ivanhoe Mines and the Mongolian government. It lasts for 30 years with a possible additional 20 year, involving a USD 4 billion investment in the completion and operation of the copper mine. The agreement will freeze tax rates and royalty payments. The agreement took 6 years of negotiation. The World Bank perceives the agreement “to be the model agreement for future mining projects…” (2009:15) Read more
Ivanhoe’s deep exploration drilling on the Ivanhoe-Entree licence finds high-grade copper and gold presence, resulting in the discovery of the Heruga Deposit and the Heruga North Deposit which lies between the Heruga and Southern Oyu deposits.
The negotiation of an agreement results in a draft OTIA is approved by cabinet in June, but it is subsequently stalled by President Enkhbayar, who insists on 51% ownership of the mine. This turned into a condition for both political parties, MPRP and DP, by 2008, but is rejected by Ivanhoe and Rio Tinto.
The two mining corporations form a strategic partnership for the construction and operation of Oyu Tolgoi.  Rio Tinto negotiates an exit clause in case the investment agreement is not signed.
This given Ivanhoe mines access to another 40,000 hectares that lies next to its Oyu Tolgoi field.
In 2002 Ivanhoe Mines acquires 98% from BHP and acquires the last 2% in November 2003. Negotiations start with the Government of Mongolia. Read more
Ivanhoe Mines drills hole ‘OTD-150’ and confirms the extent of high grade copper and gold deposits, and for the first time indicates the scale of the deposits.
Mining company Ivanhoe Mines signs an option agreement with BHP and in May 2000 Ivanhoe Mines secures 98% of the Oyu Tolgoi exploration license.
BHP Minerals International Exploration Inc. obtains licenses to explore for copper and gold in the South Gobi Desert and finds porphyry copper deposits at Oyu Tolgoi.