Ivanhoe Australia's Osborne Project to Ship First Copper, Gold

Date : 06/14/2012 @ 8:32PM
Source : Dow Jones News
Stock : Rio Tinto (RIO)
Quote : 45.87  0.0 (0.00%) @ 4:26AM

Ivanhoe Australia's Osborne Project to Ship First Copper, Gold

Ivanhoe Mines (NYSE:IVN)
Historical Stock Chart

5 Years : From Jul 2012 to Jul 2017

Click Here for more Ivanhoe Mines Charts.

By Robb M. Stewart

MELBOURNE--Ivanhoe Mines Ltd.'s (IVN) Australian unit will make its first shipment of copper and gold from its Osborne project in northwestern Queensland to an Asian smelter on Friday.

Ivanhoe Australia Ltd. (IVA.AU) in a statement valued the copper concentrate around A$15 million and the gold at A$5 million. The 10,600 wet metric ton shipment of concentrate has been loaded and is expected to leave Townsville Friday.

Ines Scotland, who was last week named interim chief executive following the sudden resignation of Peter Reeve, said the start of cashflow from Osborne is an important development for the company.

"We are planning another three similar shipments this year followed by full production next year," Ms Scotland said.

The project recently poured its first bar of gold dore, weighing about 9 kilograms. First production of copper and gold at the site began in March.

Ivanhoe Australia is 59% owned by Ivanhoe Mines, which in turn is majority owned by Rio Tinto PLC (RIO).

Write to Robb M. Stewart at robb.stewart@wsj.com

Latest RIO Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.