Ivanhoe Mines (IVN.TO) said on Monday it plans to spend about $758 million in 2010 to begin full-scale construction on its Oyu Tolgoi copper-gold project in southern Mongolia.

Ivanhoe is considering a schedule that envisions construction of the initial open-pit mine completed in 2012 and commercial production begin in 2013, said its chief executive, John Macken, in a statement.