Ivanhoe Mines (TSE:IVN) Appoints Oyu Tolgoi Chairman

Ivanhoe Mines (TSE:IVN) (NYSE:IVN) announced today that they've appointed a Chairman of the Board of Directors of Oyu Tolgoi, their giant copper-gold project in Mongolia.

Mongolian diplomat Galsan Batsukh was nominated for the Chairman position, and is expected to be confirmed in an upcoming confirmation meeting of the first meeting of the board of directors.

Ivanhoe has a 66 percent stake in Oyu Tolgoi LLC and the Mongolian government has acquired a 34% stake.

Oyu Tolgoi LLC has the mining licenses for the project, which they will use to build and operate the huge mine in the southern part of the country.

Production is scheduled to begin in 2013. Rio Tinto (NYSE:RTP) is a strategic partner for the development of the mine.