Ivanhoe rights offering raises $1.8 billion

TORONTO (Reuters) - Ivanhoe Mines (IVN.TO: Quote) said on Thursday it raised $1.18 billion through a rights offering that will help fund the initial development of its massive Oyu Tolgoi copper and gold project in southern Mongolia.

Oyu Tolgoi is one of the world's biggest untapped copper-gold deposits. Its development was delayed for years as Ivanhoe pursued complicated royalty negotiations with the Mongolian government.

The project - 34 percent owned by Mongolia and 66 percent owned by Vancouver-based Ivanhoe - is now moving ahead in partnership with Ivanhoe's largest shareholder -- Anglo-Australian mining giant Rio Tinto (RIO.AX: Quote) (RIO.L: Quote).

Ivanhoe said it will issue about 85 million new shares through the rights offering, representing about 99 percent of the maximum number of common shares available under the plan, which was announced in December.

Chief Executive Robert Friedland and Rio Tinto both exercised all of the rights issued to them. Friedland also bought an additional 1.5 million rights on the open market and exercised them to acquire more common shares, the company said.

Friedland's ownership stake now stands at 15.5 percent, while Rio Tinto has maintained ownership of 40.3 percent.

Shares of Ivanhoe rose 2.2 percent at $29.37 in trade before the morning bell.

(Reporting by Euan Rocha; Editing by Frank McGurty)

Source:Reuters News Service


Share:

0 comments:

Post a Comment

Facebook page

Powered by Blogger.

Categories

Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive

Followers

Live Traffic