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Tuesday, 18th November 2008 (2746 views)

Ivanhoe Mines has stated that it has adequate financial reserves to continue the advancement of its gold development properties.

Publishing its third quarter 2008 financial results, the company revealed that it remains focused on opportunities to advance its flagship Oyu Tolgoi copper-gold project in the south Gobi region of Mongolia with its strategic partner Rio Tinto.

Singapore-based Ivanhoe Mines has welcomed the announcement by the new Mongolian coalition government that the development of major mineral deposits is a matter of high priority.

Construction at Oyu Tolgoi is expected to start soon and exploration drilling at the site has indicated high-grade gold and copper mineralization that is similar to earlier high-grade discoveries at the Hugo Dummett or Southwest Oyu deposits.

In Kazakhstan, Ivanhoe Mines and three Kazakh strategic partners have completed an agreement to form a new mining and exploration company, Altynalmas Gold, consolidating 100 per cent ownership of the Bakyrchik gold mine and the 15km-long Kryzyl gold project.

An international mining company with operations focused in the Asia Pacific region, Ivanhoe Mines core assets are the world-scale Oyu Tolgoi copper and gold mine development project in southern Mongolia and its shareholding in Australian copper-gold-uranium exploration and development company Ivanhoe Australia.

 

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