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Fluor Corp. agrees to proceed with work on Mongolian copper and gold mine project
IRVING, Texas (AP) - Fluor Corp. said Thursday it will book $1 billion in the second quarter for work tied to a copper and gold mine in southern Mongolia.
IRVING, Texas (AP) - Fluor Corp. said Thursday it will book $1 billion in the second quarter for work tied to a copper and gold mine in southern Mongolia.
The work of Fluor, an Irving, Texas-based engineering and construction firm, will include overall program management and engineering, procurement and construction management for construction of parts of the mining complex.
That encompasses construction for roads, an airport and other related infrastructure for the mine.
Project engineering will be finished in the first quarter of next year, and construction is scheduled to be finished in 2013.
The mine is expected to produce 1.2 billion pounds of copper and 650,000 ounces of gold annually for the first 10 years. It is expected to have a life of 59 years. The Mongolian government will hold a 34 percent interest in it, with Ivanhoe Mines Ltd. controlling the rest.
Fluor shares rose $2.06, or 4.7 percent, to $46.02 in Thursday afternoon trading, while Ivanhoe shares rose 29 cents, or 1.7 percent, to $17.31.
The work of Fluor, an Irving, Texas-based engineering and construction firm, will include overall program management and engineering, procurement and construction management for construction of parts of the mining complex.
That encompasses construction for roads, an airport and other related infrastructure for the mine.
Project engineering will be finished in the first quarter of next year, and construction is scheduled to be finished in 2013.
The mine is expected to produce 1.2 billion pounds of copper and 650,000 ounces of gold annually for the first 10 years. It is expected to have a life of 59 years. The Mongolian government will hold a 34 percent interest in it, with Ivanhoe Mines Ltd. controlling the rest.
Fluor shares rose $2.06, or 4.7 percent, to $46.02 in Thursday afternoon trading, while Ivanhoe shares rose 29 cents, or 1.7 percent, to $17.31.