Ivanhoe Mines Announces Appointment of Rio Tinto Executive Dan Larsen to Company's Board of Directors
July 14 2011 - 8:05AM
Marketwired
David Huberman, Chairman of Ivanhoe Mines, (TSX: IVN)(NYSE:
IVN)(NASDAQ: IVN) announced today that Dan Larsen, Rio Tinto's
Controller and Global Head of Planning and Reporting, has been
appointed to the Ivanhoe Mines Board of Directors.
Rio Tinto's nomination of Mr. Larsen increases to seven the
number of Rio Tinto appointees presently on the 14-member Ivanhoe
Mines board.
Under terms of the October 2006 private placement agreement
between Rio Tinto and Ivanhoe Mines, Rio Tinto is entitled to
nominate members to the Ivanhoe board in proportion to Rio Tinto's
shareholding in Ivanhoe. Rio Tinto has committed to maintain a
majority of independent directors on the Ivanhoe Mines board until
January 2014.
Rio Tinto increased its holding in Ivanhoe Mines to 46.5% from
42.0% in late June 2011 through Rio Tinto's exercise of all
remaining share-purchase warrants - which also resulted in the
allocation of an additional Ivanhoe Mines directorship to Rio
Tinto.
Mr. Larsen has been based in London, England, as Rio Tinto Group
Controller and Global Head of Planning and Reporting for the past
six years. He is a director of Rio Tinto International Holdings
Ltd., which holds Rio Tinto's interest in Ivanhoe Mines. Mr. Larsen
joined Rio Tinto in 1992 and previously was a senior manager with
Ernst & Young's mining practice.
Howard Balloch, a director of Ivanhoe Mines since 2005, has
relinquished his position to enable Mr. Larsen's nomination.
Mr. Huberman said Mr. Balloch's experience as Canada's former
ambassador to China and Mongolia, and his career in Canada's
foreign service, had greatly benefited the Ivanhoe Mines Board of
Directors as the company pursued the development of its Oyu Tolgoi
copper-gold-silver mining complex in Mongolia and other
developments in the Asia Pacific region. Mr. Balloch is Chairman of
Canaccord Genuity Asia.
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-silver 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
(TSX: IVA)(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.
Contacts: Ivanhoe Mines Ltd. Bill Trenaman Investors
+1.604.688.5755 Ivanhoe Mines Ltd. Bob Williamson Media
+1.604.331.9830
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