South Korean company acquires copper deposit in Mongolia

Freegood Acquires $24 Million Copper Mine from Mongolia
Seoul (Korea Newswire) September 22, 2009 11:33 AM -- A South Korean venture company has acquired a cooper mine worth 30 trillion won (roughly $24.82 million) with an estimated reserve of 5 million tons in Mongolia. Freegood Inc. which specializes in development of natural resources announced on September 2 that, the company has acquired a copper mine located in Undur Naran from Ivanhoe Mines Mongolia Inc., a Canadian mine developer Ivanhoe Mines Ltd.(TSX:IVN, NYSE:IVN)'s subsidiary company in Mongolia. Undur Naran is located about 450 kilometers from Southeast of Mongolia’s capital city Ulaan Bator. Freegood will be developing a mine that spans 332㎢ which is equivalent to about half the size of Seoul City in Korea. Ivanhoe Mines acquired the mine in 2004 after confirming reserves of copper, gold and molybdenum through a variety of methods including satellite search, aero magnetic and ground magnetic.
Professor Lee In-seong of the School of Earth and Environmental Studies at the Seoul National University who analyzed the Ivanhoe Mines’ report on the mine with the request from Freegood said, “Given a copper grade of the 0.3-0.5 percent range in stone samples excavated from the region, the total cooper reserve is estimated to be some 58 million tons.” “The company has taken over the mine independently without forming a consortium. The company cannot disclose the actual acquisition price.” said CEO Oh Suk-min of Freegood. “Since the company calculate the size of the reserve for development purpose at 10 percent of the estimated reserve, the company’s conservative estimation of the reserve is some 5 million ton. Given the current copper price is around $6,000, the value of the mine nears a minimum of 30 trillion won,” said Oh. “The region is blessed with a good environment to develop resources, and also has plenty in social overhead capital. Extra research and actual excavation in 2010 are to be determined within this year,” Oh added. About Freegood Inc. Freegood Inc. is ore development company in south korea. Freegood Inc. beginning with management consulting in 2007 to overseas ore development business in 2009. The company has acquired a copper mine located in Undur Naran from Ivanhoe Mines Ltd.(IMMI : Ivanhoe Mines Mongolia Inc.). and now developing copper and gold mines in the Undur Naran area, Mongolia, and will expand the areas in the future into various overseas resources development businesses to become a leader in the area of overseas resources development. For more information, please visit www.freegoods.co.kr or email us at pr@freegoods.co.kr About Ivanhoe Mines Ltd. Ivanhoe Mines is an international mining company with operations focused in the Asia Pacific region. Ivanhoe‘s core assets are its world-scale Oyu Tolgoi copper and gold mine development project in southern Mongolia, its large shareholdings in Mongolian coal miner SouthGobi Energy Resources (SGQ:TSXv) and in Ivanhoe Australia (IVA:ASX), an Australian copper-gold-uranium exploration and development company. Ivanhoe Mines’ shares are listed on the Toronto, New York and NASDAQ stock exchanges under the symbol IVN. For more information on Ivanhoe Mines, please call Ivanhoe's Investor Relations at +1.604.688.5755 or email us at info@ivanhoemines.com. News Source: Freegood Inc.
Share:

0 comments:

Post a Comment

Facebook page

Powered by Blogger.

Categories

Advertising in Mongolia An Asian Development Bank Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia Adventure Mongolia agriculture Mongolia air pollution Mongolia analysis Mongolia and Armenia Mongolia and Asian Development Bank Mongolia and Australia Mongolia and Azerbaijan Mongolia and Belorussia Mongolia and Bulgaria Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and Czech Mongolia and donors Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and IFC Mongolia and IMF Mongolia and Ind Mongolia and India Mongolia and Indonesia Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Israel Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Kyrgyzstan Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Qatar Mongolia and Russia Mongolia and Russia and Mongolia and China Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and Thailand Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and US Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia blind Mongolia Cashmere Mongolia Christianity Mongolia civic society Mongolia Corruption Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia environment Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia investment Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia news media Mongolia Nuclear Mongolia Petroleum Mongolia Politics Mongolia Poverty Mongolia public announcements Mongolia railways Mongolia Religion Mongolia slums Mongolia society Mongolia Sports Mongolia Stamp Mongolia Sumo Mongolia telecommunication Mongolia tourism Mongolia trade Mongolia Transportation Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian and Cuba Mongolian Archeology Mongolian Climate Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Kazakh Mongolian Meat Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Sumo Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia World bank and Mongolia

Blog Archive

Followers