Ivanhoe Mines Announces the Appointment of Additional Independent Directors
September 16 2010 - 7:50AM
Marketwired
Ivanhoe Mines Ltd. (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN) -
Robert Friedland, Executive Chairman of Ivanhoe Mines, and John
Macken, President and Chief Executive Officer, today announced the
appointment of Michael Gordon, former Executive Vice President of
Anglo American Plc, and Dan Westbrook, former President, BP China
Gas, Power & Upstream, to the Ivanhoe Mines Board of Directors.
Both directors will serve as non-executive, independent members of
the board.
"We welcome the addition of the new, independent board members,"
Mr. Friedland said. "We have worked closely with Rio Tinto for
several months to identify very talented candidates, each of whom
will bring unique industry, regulatory and financing skills to our
board. I look forward to their contributions as our companies
continue working together to build the world-scale Oyu Tolgoi
copper and gold mine."
Mr. Gordon and Mr. Westbrook were nominated by Rio Tinto and
will occupy the two vacant seats on Ivanhoe's board, increasing the
present number of Rio Tinto appointees to the Ivanhoe board to
three. Tracy Stevenson, the third Rio Tinto appointee, became an
independent Ivanhoe director on June 1, 2010.
Under the terms of the October 2006 private placement agreement
between Rio Tinto and Ivanhoe Mines, Rio Tinto is entitled to
nominate a proportionate share of members to the Ivanhoe board,
based on Rio Tinto's shareholding in Ivanhoe. Rio Tinto's current
34.9% shareholding in Ivanhoe Mines entitles it to appoint a
further two directors to the Ivanhoe board.
Mr. Gordon was a senior executive with Anglo American for 19
years and held the position of Executive Vice President and Chief
Financial Officer of the company's Anglo Base Metals division from
1999 to 2008. He led the building of the base metals division into
Anglo American's best performing and most profitable operating
division. Mr. Gordon has extensive experience in relation to
financial management, strategic development, mergers, acquisitions,
disposals, investor relations and negotiations with governments and
regulators.
Mr. Westbrook was a senior executive with British Petroleum (BP)
from 1999 to 2006. From 2001 to 2005, Mr. Westbrook served as
President of BP China Gas, Power & Upstream, and as Vice
Chairman of the Board of Directors of Dapeng LNG, a joint venture
between BP subsidiary CNOOC Gas & Power Ltd. and a group of
Chinese companies. He held executive positions with BP in
Argentina, the United States, Russia and the Netherlands before
retiring from the company in January 2006. Mr. Westbrook also
serves on the board of Enbridge Energy Company, Knowledge Systems
Inc. and Synenco Energy Inc.
About Ivanhoe Mines
Ivanhoe Mines (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN) is an
international mining company with operations focused in the Asia
Pacific region. Assets include the company's 66% interest in the
Oyu Tolgoi copper-gold mine development project in southern
Mongolia; its 57% interest in Mongolian coal miner SouthGobi
Resources (TSX: SGQ; HK: 1878); a 63% interest in Ivanhoe Australia
(ASX: IVA), a copper-gold-uranium-molybdenum-rhenium exploration
and development company; and a 50% interest in Altynalmas Gold
Ltd., a private company developing the Kyzyl Gold Project in
Kazakhstan.
Ivanhoe Mines' shares are listed on the New York, NASDAQ and
Toronto stock exchanges under the symbol IVN.
Forward-looking statements
Certain statements made herein, including statements relating to
matters that are not historical facts and statements of our
beliefs, intentions and expectations about developments, results
and events which will or may occur in the future, constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation and "forward-looking statements"
within the meaning of the "safe harbor" provisions of the United
States Private Securities Litigation Reform Act of 1995.
Forward-looking information and statements are typically identified
by words such as "anticipate", "could", "should", "expect", "seek",
"may", "intend", "likely", "plan", "estimate", "will", "believe"
and similar expressions suggesting future outcomes or statements
regarding an outlook.
All such forward-looking information and statements are based on
certain assumptions and analyses made by Ivanhoe Mines' management
in light of their experience and perception of historical trends,
current conditions and expected future developments, as well as
other factors management believes are appropriate in the
circumstances. These statements, however, are subject to a variety
of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected
in the forward-looking information or statements. Important factors
that could cause actual results to differ from these
forward-looking statements include those described under the
heading "Risks and Uncertainties" elsewhere in the Company's
MD&A filed on SEDAR. The reader is cautioned not to place undue
reliance on forward-looking information or statements.
Contacts: Ivanhoe Mines Ltd. Bill Trenaman Investors
+1.604.688.5755 Ivanhoe Mines Ltd. Bob Williamson Media
+1.604.331.9830 www.ivanhoemines.com
Ivanhoe Mines (NYSE:IVN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ivanhoe Mines (NYSE:IVN)
Historical Stock Chart
From Jul 2023 to Jul 2024