Ivanhoe Mines News

Ivanhoe Mines Ltd. and its controlling shareholder, Rio Tinto, have tweaked a $3.3-billion financing deal the companies signed earlier this year to help fund construction of the giant Oyu Tolgoi copper-gold mine in Mongolia.

Ivanhoe Mines , an affiliate of giant mining company Rio Tinto , said on Wednesday it intends to launch a rights offering open to all its existing shareholders that would raise about $1.8 billion in proceeds.

Ivanhoe Mines Ltd. has reported a narrowing of its first-quarter loss as the Vancouver-based miner said its promising Oyu Tolgoi copper-gold project in Mongolia remains on track for commercial production next year.

All figures are in US dollars unless otherwise stated. -- Overall construction of the first phase of the Oyu Tolgoi copper-gold mining complex was 77.8% complete at the end of Q1'12 and had advanced to 82.2% complete at the end of April 2012.

Gold and copper miner Ivanhoe Australia Ltd has received interest from up to eight bidders for stakes in its projects and may in the process end up with a new controlling stakeholder, said Chief Executive Peter Reeve.

Ivanhoe Mines announced today that the company's Board of Directors has appointed Dr.

David Klingner as chairman. The board has also reappointed Livia Mahler as a company director.

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The S&P/TSX fell 103.53 points to 11757.13, led by the materials sector. Shares of HudBay Minerals gave up more than 1 per cent in the opening minutes of trading, while Ivanhoe Mines lost almost 3 per cent.

Growth in Mongolia's mining industry will be led by a rampant increase in coal, copper and gold production.

Rio Tinto has named its nominees to the board of minerals explorer Ivanhoe Australia after taking effective control of the company's major shareholder.

The management changes were contemplated by the memorandum of agreement signed with majority shareholder Rio Tinto on April 18, 2012.

Washington, April 30, 2012 /EINPresswire.com/ EIN News, a leading media monitoring company since 1995, has announced the launch of EIN News Report: Ivanhoe Mines.