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Ivanhoe Mines To Announce Oyu Tolgoi Development Plan
SANTIAGO, Apr 08, 2010 (Dow Jones Commodities News via Comtex) --
An independent development plan for the Oyu Tolgoi copper mine in Mongolia is slated to be announced after a shareholder meeting in May, the executive chairman of Ivanhoe Mines Ltd. (IVN, IVN.T) said Thursday.
Ivanhoe is now looking at "a number of interesting alternatives to enhance our shareholder value," Robert Friedland told the CRU copper conference here. Ivanhoe has hired Citigroup Inc. (C) and Hatch Corporate Finance, a London-based mining adviser, to explore financing options.
CRU/CESCO-UPDATE 1-Ivanhoe eyes growth potential at Oyu Tolgoi
SANTIAGO, April 8 (Reuters) - Ivanhoe Mines (IVN.TO) sees a vast potential to expand existing resources at its flagship Oyu Tolgoi project in southern Mongolia, said Robert Friedland, the head of the Canadian mining company, on Thursday.
Friedland, the founder and executive chairman of Ivanhoe, said the company plans to more than double the worth of its in-situ metal resources to $1 trillion, from about $400 billion at present.
"We have about 35 million tonnes of copper and 47 million ounces of gold, we want to push that to 100 million tonnes of copper and 100 million ounces of gold," said Friedland, who delivered the keynote address at the CRU/Cesco copper conference in Santiago.
The World Bank has approved a USD12-million scale up of a successful Mongolian energy project. The project was begun in 2001 and has been instrumental in improving the financial sustainability of the energy sector by reducing losses and improving revenue collection in Ulaanbaatar and 9 provincial centers. As of 2009, the cumulative reduction in total distribution network losses has resulted in increased revenues of around USD17 million.