A check for USD100 million, as first installment of the total advance payment of USD250 million stipulated in the Oyutolgoi investment agreement, was paid by Peter Meredith of the Ivanhoe Mines on Tuesday. Speaking on the occasion Meredith said the company will similarly stick to all other parts of the agreement.

JPMorgan has raised its 2009 price forecasts for gold and silver and said new record highs for gold at USD1,050/oz to USD1,100/oz were likely in early 2010. In a research note, the bank said it has revised its 2009 price view for gold up to USD948/oz from USD939/oz predicted in July.

T.Bayarbayasgalan, Head of the Licensing Division of the Nuclear Energy Agency, has clarified that the recent law on the  uranium sector covers only companies involved in operating mines where the reserves of the deposit have been established and registered with the State and does not include exploration licenses and. Referring to the requirement for companies to renew the registration of their licenses, he said, “The principle is to make sure that the interests of neither the Government nor the company are compromised. There is no question, however, of giving compensation to companies who may not be granted a renewed license.” He also denied that the renewal exercise is actually aimed at reducing the number of licenses, and to allow only major companies to stay in the field and force out the minor ones.

Some foreign investors hope the sprawling desert country of Mongolia will become the next big resource story, following a landmark agreement with the government to develop one of the world's biggest copper-and-gold deposits.

Mongolia’s economy is poised for a return to “very rapid growth” after the government signed an agreement with Rio Tinto Group and Ivanhoe Mines Ltd. to develop the Oyu Tolgoi copper-gold project, ING Groep NV said.