Ivanhoe says Mongolia project ahead of schedule
Ivanhoe Mines Ltd The massive project, which Ivanhoe is being developing in partnership with Anglo-Australian miner Rio Tinto (RIO.AX) (RIO.L), is expected to begin commercial production in the first half of 2013. Rio Tinto currently owns a 42.1 percent stake in Ivanhoe and can gradually raise this stake up to 49 percent. The Oyu Tolgoi project itself is 66 percent owned by Ivanhoe with the government of Mongolia owning the remainder.Ivanhoe estimates capital expenditures on the project will be about $2.3 billion in 2011. Ivanhoe said as of March 28, its consolidated cash position was about $1.9 billion.
Ivanhoe also reported a full-year net loss of $211.5 million, or 42 cents a share. That compared with a full-year net loss of $280.2 million, or 69 cents a share in 2009.
Shares fell as much at 3.45 percent to C$25.91, but soon recovered to C$26.77. (Reporting by Euan Rocha and Julie Gordon, editing by Gerald E. McCormick)
Ivanhoe also reported a full-year net loss of $211.5 million, or 42 cents a share. That compared with a full-year net loss of $280.2 million, or 69 cents a share in 2009.
Shares fell as much at 3.45 percent to C$25.91, but soon recovered to C$26.77. (Reporting by Euan Rocha and Julie Gordon, editing by Gerald E. McCormick)
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