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Allens acts for Rio Tinto in negotiations over copper and gold project in Mongolia

7 October 2009

Allens Arthur Robinson (Allens) has acted for Rio Tinto in the negotiation of its investment agreement with the Mongolian Government for its Oyu Tolgoi copper and gold project, which was signed last night.

Working with Rio Tinto's inhouse legal team, Allens has been involved in discussions with the Mongolian Government. The signing of the investment agreement and the associated shareholders agreement with the Mongolian Government means Rio Tinto and Canada's Ivanhoe Mines can now proceed with the Oyu Tolgoi copper and gold project.

Allens Partner Igor Bogdanich and Senior Associate Peter O'Sullivan, and others, worked with Rio Tinto, operating out of Australia and Mongolia, and providing 24-hour coverage when required for the negotiations.

Allens enjoyed working with the Rio Tinto team on another significant milestone for the organisation, according to Mr Bogdanich.

'This was a complex, intense deal, with many stakeholders and with long running negotiations – often through translators. The commercial arrangements had to address the desired stable tax and operating environment for the project, and take into account the local legal landscape.

'It is fantastic to be working alongside such a talented client team who worked with such dedication and so enthusiastically over the past number of years – both in Australia and Mongolia – to reach and execute these agreements successfully,' said Mr Bogdanich.

Oyu Tolgoi is the world's largest undeveloped copper and gold resource, and is located in the South Gobi region of Mongolia. Production at Oyu Tolgoi is expected to begin around 2013.

Ends

Allens legal team Igor Bogdanich (Partner – Melbourne) and Peter O'Sullivan (Senior Associate – Melbourne)

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Notes for editors.

Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.