Abstract
The story of Oyu Tolgoi discovery begins with a description of Magma Copper and its prevailing corporate culture. Mongolian mining company Erdenet invited Magma Copper to review investment opportunities at their production facility. Although no shining attractions were identified at Erdenet, Magma expressed an interest in joint exploration in Mongolia. The authors describe the investment environment of Mongolia at the time of Magma's entry into the country. Erdenet and Magma signed a joint venture agreement, and the hard work began. Mongolia had hundreds of known copper prospects across the country. Preparation for the reconnaissance required a selection of those copper occurrences that could potentially warrant becoming significant copper deposits. Technical cooperation between partners was at good level, supplementing capabilities of each partner in the joint venture.
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