Ivanhoe Mines Ltd., developing the Oyu Tolgoi copper-and-gold deposit in Mongolia with Rio Tinto Group PLC, fell on speculation the country's new President may slow approval of a draft agreement to proceed with the project, according to the Canada's Financial Post. Tsakhiagiin Elbegdorj of the Democratic Party, was elected President this week.

            Ivanhoe has been trying for more than five years to complete an investment pact with Mongolia to develop Oyu Tolgoi. London-based Rio Tinto called the deposit "the world's largest undeveloped copper-gold resource" when it agreed to buy 10% of Ivanhoe in October, 2007. "Will the new president backslide on pending deals? That's the concern," said Paradigm Capital mining analyst David Davidson to the Financial Post.

Source:Montsame