Robert Friedland appears to have done it again.
The man behind Ivanhoe Mines (IVN-T, IVN-N, IVN-Q) and its massive copper-gold find in Mongolias Gobi Desert is close to clearing the final hurdle for the development of the project.
On April 10 the company announced that it, along with its partner for the Oyu Tolgoi project, Rio Tinto (RTP-N, RIO-L) have reached an agreement in principle with the Mongolian Government on a draft of the much anticipated investment agreement the key document the company needs in order to develop Oyu Tolgoi.
Ivanhoe says the draft is still subject to review and approval by the cabinet of the government and the national parliament as well as by the boards of Ivanhoe Mines and Rio Tinto.
The company isnt yet releasing any specifics about the agreement, but says it will do so when appropriate.
Ivanhoe shares were up 11% or $1.54 to $15.88 on 480,000 shares in morning trading in Toronto on April 10.
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