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Tuesday, October 6, 2009.

From Creamer Media in Johannesburg, I'm Shannon de Ryhove.

Making headlines today:

The Mongolian government has signed the long-awaited investment agreement for the development of the Oyu Tolgoi copper/gold mine in the country's South Gobi region with miners Rio Tinto and Ivanhoe Mines.

Australia's Rio Tinto and Canada's Ivanhoe will now move forward with the development phase of the mine, which will produce 450 000 tons a year of copper and 330 000 ounces a year of gold over a 35 year life-of-mine.
Rio Tinto said in a statement that production would start in 2013.

The country's government will own 34% of Ivanhoe Mines Mongolia, which is the license holder of the Oyu Tolgoi project. The deal is seen as a vital step for Mongolia to begin reaping the economic benefits of its vast mineral wealth.

Vancouver-based Potash One has begun work on a feasibility study for its Legacy potash solution-mining project, in Canada's Saskatchewan province.

CEO Paul Matysek said that a bankable feasibility study was the next progressive step in the project development of Legacy.

The company was hoping to build the first new greenfield Potash mine in Saskatchewan in more than four decades.

Potash One has hired SNC-Lavalin to complete the feasibility study in cooperation with the company itself and other specialised consultants, and expects the document will be completed by mid-2010.

Also making headlines:

South African gold major Gold Fields reports a sevenfold increase in its uranium resources.
Zimbabwe's parliament will debate legal reforms badly needed by the battered economy in the coming weeks.
Peregrine finds more diamonds at its Chidliak project.
And, metals markets are set for a short-term retracement before a recovery led by copper, zinc and lead.

That's a round up of news making headlines today. For more on these and other stories please visit miningweekly.com.