Ivanhoe Mines' (NYSE:IVN) Oyu Tolgoi Estimates In

Ivanhoe Mines (NYSE:IVN) released its estimates for their Oyu Tolgoi project in Mongolia, and the numbers are staggering, and will position Oyu Tolgoi as one of the largest mines in the world.

Estimates for annual copper production at the mine is 1.2 billion pounds, while gold estimates are for production to reach 650,000 ounces annually. Gold production is projected to be at that level for a decade.

There is an estimated 46.4 million ounces of gold at Oyu Tolgoi, and an enormous 81.3 billion pounds of copper. That could extend the life of the mine to 59 years, according to Ivanhoe, who is working with Rio Tinto (NYSE:RTP) in the development of the giant mine.

Rio has a 22.4 percent stake in Ivanhoe.