Category: History En

Rio Tinto announces on 25 January that it has acquired a majority stake in Ivanhoe Mines.

Rio Tinto and Ivanhoe Mines sign a new agreement appointing Rio Tinto the manager of Oyu Tolgoi. First phase construction of the open pit mine begins. A workforce of approximately 7,000 people is mobilized to build the project, and is delivered on time.

An Investment Agreement (IA) is signed between the Government of Mongolia, Ivanhoe Mines and Rio Tinto, with the Government taking a 34 per cent interest in Oyu Tolgoi, and setting the stage for the next phase of development of the project.

Shaft 1 for the Oyu Tolgoi underground mine is completed to a final depth of 1,385 metres. This marks the deepest underground shaft ever excavated in Mongolia and, at the time, one of the deepest in Asia.

Ivanhoe Mines and Rio Tinto agree to form a strategic partnership for the construction and operation of Oyu Tolgoi.

Drilling establishes that the Hugo Dummett Deposit contains one of the highest-grade copper discoveries in the world. It is also one of the world’s largest gold and copper porphyry systems.

BHP enters a joint venture with Canadian miner Ivanhoe Mines to develop the Oyu Tolgoi project. In partnership with BHP, Ivanhoe Mines acquires 98 per cent of the exploration license for the Oyu Tolgoi area.

BHP receives an exploration license for the area around Oyu Tolgoi. BHP starts its first field exploration in April 1997.

While the mine has only been operational since 2013, the history of the discovery of the deposit is far older. As far back as the bronze age, there is evidence that copper was extracted from the region around Oyu Tolgoi. Explore our history timeline to learn more about our journey so far.