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Oyu Tolgoi budget approved; Ivanhoe Mines commits $3.2 billion to Mongolian project

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The 201 1 construction program includes $561 million for the copper and gold concentrator; $186 million to purchase the initial fleet of mining trucks, shovels and ancillary equipment for prestripping of the Southern Oyu openpit mine; $713 million for project infrastructure and electrical power and $21 1 million for ongoing underground mine development at the Hugo North deposit, construction of the headframe on Shaft #2 and further sinking of Shaft #2.

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