Fluor Receives Notice to Proceed for Ivanhoe Mines Project in Mongolia

IRVING, Texas, Jul 22, 2010 (BUSINESS WIRE) -- Fluor Corporation /quotes/comstock/13*!flr/quotes/nls/flr (FLR 47.04, +1.02, +2.22%) announced today that the company has reached an agreement with Ivanhoe Mines Ltd. /quotes/comstock/13*!ivn/quotes/nls/ivn (IVN 17.62, +0.32, +1.85%) to move forward with full-scale work at its gold and copper mine development project in southern Mongolia. Fluor's scope of work will include overall program management (PM) as well as engineering, procurement and construction management (EPCM) for select portions of the construction of the Oyu Tolgoi mining complex. Fluor booked approximately $1 billion into backlog for the project during the second quarter of 2010.

Beginning in late 2005, under direction from Ivanhoe, Fluor carried out a strategic planning review of the integrated development plan (IDP-05) for the Oyu Tolgoi project including a strategic assessment of the concentrator facilities development. Since completion of that work, Fluor has continued to be involved in the project providing site support services and preliminary engineering in preparation for the commencement of full-scale construction. Now, with a definitive agreement in place, Fluor will be in charge of overall PM as well as EPCM-related services for the ore processing plant and mine-related infrastructure such as roads, water supply, a permanent airport and administration buildings.

The Oyu Tolgoi project is located in the South Gobi region of Mongolia. The mine is expected to produce 1.2 billion pounds of copper and 650,000 ounces of gold annually for the first ten years. The Mongolian Government holds a 34 percent interest in the Oyu Tolgoi project with Ivanhoe Mines controlling the remaining interest.

"We are gratified to see the Oyu Tolgoi project reach this important milestone," said Dwayne Wilson, group president of Fluor's Industrial business. "We have been engaged with Ivanhoe for many years on this project and our team is eager to participate in full-scale, site-wide work that began earlier this year."

Fluor will execute the engineering for the project from its Vancouver, Canada and Beijing, China offices with operations being managed on-site in Mongolia. The project is currently underway with engineering expected to reach completion in the first quarter of 2011 and construction completion scheduled for 2013. At peak construction, the project will employ approximately 2,500 local workers. Over the anticipated 59-year life of the mine, the project will provide an important source of state revenue and long-term employment for the people of Mongolia.

About Ivanhoe Mines

Ivanhoe Mines (NYSE, NASDAQ & TSX: IVN) is an international mining company with operations focused in the Asia Pacific region. Assets include the company's 66% interest in the world-scale, Oyu Tolgoi copper-gold mine development project in southern Mongolia; its 57% interest in Mongolian coal miner SouthGobi Resources /quotes/comstock/11t!e:sgq (CA:SGQ 13.66, +0.16, +1.19%) ; an 81% interest in Ivanhoe Australia (ASX: IVA), a copper-gold-uranium-molybdenum-rhenium exploration and development company; and a 50% interest in Altynalmas Gold Ltd., a private company developing the Kyzyl Gold Project in Kazakhstan. Ivanhoe Mines' shares are listed on the New York, NASDAQ and Toronto stock exchanges under the symbol IVN.

About Fluor Corporation

Fluor Corporation /quotes/comstock/13*!flr/quotes/nls/flr (FLR 47.04, +1.02, +2.22%) designs, builds and maintains many of the world's most challenging and complex projects. Through its global network of offices on six continents, the company provides comprehensive capabilities and world-class expertise in the fields of engineering, procurement, construction, commissioning, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 200 company and had revenues of $22 billion in 2009. For more information visit www.fluor.com.

SOURCE: Fluor Corporation


Fluor Corporation
Media Relations
Keith Stephens, 469-398-7624
or
Brian Mershon, 469-398-7621
or
Investor Relations
Ken Lockwood, 469-398-7220
or
Jason Landkamer, 469-398-7222
Share:

0 comments:

Post a Comment

Facebook page

Powered by Blogger.

Categories

Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs 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

Blog Archive

Followers

Live Traffic