Ivanhoe Mines Ltd.'s (IVN) US$6 billion Oyu Tolgoi copper-gold project in Mongolia is on track to commence commercial production in the first half of 2013, a senior executive said Wednesday.

Ivanhoe Mines Chief Executive Robert Friedland told a mining conference that the company's 66%-controlled Oyu Tolgoi mine will begin initial production later this year before the start of commercial production.

Construction of the project, which is located just about 50 miles from China's border, is approaching 80% of completion, he said.

-By Joanne Chiu, Dow Jones Newswires; 852-2802-7002; joanne.chiu@dowjones.com

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