/My apologies for yesterday/
Ivanhoe to receive $393 million for key Mongolia project
June 29 (Reuters) The company said the Series A warrants acquired by Rio Tinto in October 2006, were converted four months ahead of expiry. The warrants entitled the Australian company to acquire 46.03 million of Ivanhoe's shares at $8.54 apiece.
With this transaction, Rio Tinto now has invested about $1.73 billion in Ivanhoe Mines, and increased its ownership to about 29.6 percent, the company said in a statement.
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Shares of Ivanhoe closed at C$13.99 Tuesday on the Toronto Stock Exchange.
Ivanhoe Mines Announces Early Exercise of Warrants by Rio Tinto
(MarketWire News Release)
Purchase of Shares Worth US$393 Million Increases Rio Tinto Ownership in Ivanhoe Mines to 29.6%
Funds to Be Used to Advance Construction of the Oyu Tolgoi Copper-Gold Mining Complex in Mongolia
ULAANBAATAR, MONGOLIA--(Marketwire - June 29, 2010) - Robert Friedland, Executive Chairman of Ivanhoe Mines (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN), and John Macken, President and Chief Executive Officer, announced today that Rio Tinto has exercised its Series A warrants four months ahead of schedule, providing Ivanhoe Mines with proceeds of US$393.1 million to help fund the development and construction of the Oyu Tolgoi copper-gold mining complex in Mongolia. The warrants entitled Rio Tinto to acquire 46.03 million Ivanhoe Mines common shares at a price of US$8.54 per share.
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| | Exercise Price | | Proceeds |
| | (US$ unless noted) | Shares | (US$ millions) |
| Tranche 1 – completed Oct 2006 | $8.18 | 37,089,883 | $303.4 |
| Tranche 2 – completed Oct 2009 | $8.38 | 46,304,473 | $388.0 |
| Anti-dilution shares | C$3.15 | 243,772 | $0.6 |
| Equipment repurchased from Rio – completed March 2010 | C$16.31 | 15,000,000 | $241.1 |
| Warrants (A) – completed June 2010 | $8.54 | 46,026,522 | $393.1 |
| | | 144,664,650 1 | $1,326.2 |
| | | | |
| Convertible Debt 2 | n/a | up to 45,800,000 | Approx. $400.0 |
| Warrants (B) – expire Oct 2011 | $8.54 – $9.02 | 46,026,522 | $393.1 to $415.2 |
| Warrants (C) – expire Oct 2012 | $10.00 | 35,000,000 | $350.0 |
| Anti Dilution Warrants | C$3.15 | 1,440,406 | $ 4.3 |
| Projected Rio Tinto investment | | 272,931,578 | $2,473.6 to $2,495.7 |
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SouthGobi Resources Commences Construction of Coal-Handling Facility at Its Ovoot Tolgoi Mine in Southern Mongolia
HONG KONG, CHINA--(Marketwire - June 28, 2010) - Alexander Molyneux, President and CEO of SouthGobi Resources Ltd. (TSX:SGQ)(SEHK:1878), announced today that the company has commenced construction of a coal-handling facility ("CHF") at its producing Ovoot Tolgoi coal mine in southern Mongolia.
The CHF will allow SouthGobi to add value to its coal by removing ash, or waste rock, and enable the blending of coal from different seams to create higher-value products.
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Facility to be operational in early 2011
The new CHF, to cost approximately US$25 million, will be constructed between the Sunrise and Sunset open pits at the Ovoot Tolgoi mine.
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"Mogi" Munkhdul Badral
CPS International
Email: mogi@cpsmongolia.mn
Mobile: +976-99996779
CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based ASX Licensed Financial Services Company. To trade ASX stocks, feel free to contact me at mogi@cpsmongolia.mn or +976-9999-6779.
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