David Huberman, Lead independent Director of the Ivanhoe Mines
(TSX: IVN)(NYSE: IVN)(NASDAQ: IVN) Board of Directors, announced
today that Executive Chairman Robert Friedland will re-assume the
duties and title of Chief Executive Officer as part of a series of
organizational changes that also will see the establishment of the
Office of the Chairman as part of an ongoing commitment to maximize
shareholder value.
The Ivanhoe Mines Board of Directors has approved President John
Macken's relinquishment of the position of Chief Executive Officer
that he had held since 2006. As President, Mr. Macken will continue
to lead the ongoing construction of the company's flagship Oyu
Tolgoi copper-gold mining complex in southern Mongolia. He is a
member of the Ivanhoe Mines-Rio Tinto joint Oyu Tolgoi Technical
Committee.
"The most important contracts of the entire Oyu Tolgoi
construction project will be awarded in the coming months, when the
on-site workforce will expand from 5,300 today to more than 7,000
as we reach peak, full-scale activity," Mr. Friedland said.
"John will fully devote his time to overseeing the progress
being made in Mongolia and ensuring that Oyu Tolgoi begins
producing its first copper and gold in late 2012, well ahead of the
schedule previously set in the 2010 Integrated Development
Plan."
Mr. Macken joined Ivanhoe Mines in 2003 to head the development
of Oyu Tolgoi and was formerly Executive Vice President and General
Manager at Freeport's Grasberg mining complex in Indonesia, the
world's largest single copper and gold mine. Mr. Macken will
continue as an Ivanhoe Mines representative on the Oyu Tolgoi LLC
Board of Directors. As the senior representative of the Operations
Committee established by the Oyu Tolgoi LLC Board, Mr. Macken will
be responsible for guiding the strategic direction of construction
and development activities on behalf of the Board.
Mr. Macken is one of six Ivanhoe Mines' appointees to the
nine-member Oyu Tolgoi LLC Board; an Ivanhoe appointee also is
Chairman of the Board. The Government of Mongolia is represented by
three directors on the Oyu Tolgoi LLC Board.
Office of the Chairman to evaluate strategic initiatives
Joining Mr. Friedland in the Office of the Chairman will be
Peter Meredith, Ivanhoe's Deputy Chairman for the past four years
and former Chief Financial Officer, and Sam Riggall, who is
Executive Vice President of Ivanhoe Australia and now will take on
the added duties of Executive Vice President, Business Development
and Strategic Planning, with Ivanhoe Mines.
Mr. Riggall previously worked at Rio Tinto for more than a
decade in a variety of roles covering project generation and
evaluation, business development and capital market transactions.
He has significant experience working in many parts of the world,
where he managed a number of government negotiations over mine
development projects.
Mr. Meredith led the Ivanhoe Mines team and Mr. Riggall led the
Rio Tinto team during the successful negotiations with the
Mongolian government that culminated in the approval of a long-term
Oyu Tolgoi investment agreement one year ago. Mr. Meredith and Mr.
Riggall also are Directors of Oyu Tolgoi LLC.
Mr. Friedland previously served as Chief Executive Officer of
Ivanhoe Mines for 10 years, from the company's founding until
2006.
The Office of the Chairman, with facilities in Vancouver, London
and Singapore, will lead the assessment of potential strategic
initiatives and direct any necessary negotiations to create and
enhance value for shareholders.
"A number of potential options have been presented to us by
industry leaders, on an unsolicited basis, since we announced in
January that Citi and Hatch Corporate Finance were working with
Ivanhoe Mines in exploring opportunities to further enhance value
from development successes at our various projects," Mr. Friedland
said.
"The team that has been assembled to operate the Office of the
Chairman has broad, international industry experience that we will
draw on to serve the interests of our shareholders as we evaluate
all available options."
The Office of the Chairman also will assume responsibilities
within Ivanhoe Mines related to the development of other subsidiary
interests, including SouthGobi Resources, Ivanhoe Australia and
Altynalmas Gold.
About Ivanhoe Mines (www.ivanhoemines.com)
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
world-scale, Oyu Tolgoi copper-gold mine development project in
southern Mongolia; its 57% interest in Mongolian coal miner
SouthGobi Resources (TSX: SGQ; HK: 1878); a 62% 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.
A photo gallery, recording the progress of construction at Oyu
Tolgoi, and a project informational video, may be accessed through
the Ivanhoe Mines home page at www.ivanhoemines.com.
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. These include, but are not limited to the
possible additional future investments in Ivanhoe by Rio Tinto and
other statements that are not historical facts.
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" 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