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Ivanhoe Mines Ltd.

Title: Ivanhoe Mines Ltd.
Category: Mining
Clicks: 9
Added on: Nov 26, 2011
PageRank:
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Ivanhoe Mines is a Canada-based mineral development and exploration company with headquarters in Vancouver. Its main competitors are Centerra Gold Inc. and Caledon Resources PLC, among others.

In 2000, Ivanhoe Mines merged with ABM Mining, which was a privately held company, established in 1997. ABM Mining bought the outstanding obligations associated with the Tasmanian Savage River project.

Rio Tinto and Ivanhoe Mines signed a comprehensive, long-term investment agreement with the Mongolian government for the building and exploitation of the copper-gold Oyu Tolgoi site. According to this agreement, Ivanhoe Mines has the controlling 66 percent interest, and the Government of Mongolia acquires 34 percent in the project. Rio Tinto, which is a strategic partner of Ivanhoe Mines and a global miner, currently holds 49 percent in the company. As of March, 2011, 15 percent of the construction works were completed.

The company focuses on operations in the Pacific Rim, developing large mining sites. The main mine is the Oyu Tolgoi Project, situated in Southern Mongolia. This copper-gold operation is the largest underdeveloped mining site in the world, found south of the Mongolian capital Ulaanbaatar.

The company operates through two subsidiaries. One is SouthGobi Resources, based in Mongolia, and the other is Ivanhoe Australia Limited, operating in Australia. The largest shareholder in Ivanhoe Australia is Ivanhoe Mines, owning about 59 percent of the outstanding and issued shares. Ivanhoe Australia engages in the development and exploration of historic mining sites located at Tennant Creek and Mount Isa-Cloncurry. The mining complex at Mount Isa contains a molybdenum-rhenium deposit, which is the highest grade in the world and is found in the Merlin mine.

SouthGobi Resources focuses on the development and exploration of Permian-age thermal coal and metallurgical deposits found in the South Gobi Region of Mongolia. The Ovoot Tolgoi mine is the main mining site of the company, which produces and sells coal to clients in China. The largest shareholder in the company is Ivanhoe Mines, which owns about 58 percent of the outstanding and issued shares. The Osborne asset is another asset, acquired from Barrick Gold. It has an ore processing facility and is located close to the Merlin mine.
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