Ivanhoe Mines, CEO Robert Friedland and Management Team Recognized With Dealmaker of the Year Award by Australia's Leading Mi...
August 04 2011 - 11:43AM
Marketwired
Ivanhoe Mines (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN), its Chief
Executive Officer and founder Robert Friedland and the company's
management team have been awarded Dealmaker of the Year honours by
Australia's Diggers and Dealers Mining Forum. The award recognizes
Ivanhoe Mines' ongoing development of the Oyu Tolgoi Project in
Mongolia and 62%-owned subsidiary Ivanhoe Australia's development
of its Cloncurry projects in the Australian state of Queensland.
The award was presented before 1,500 delegates today at the
close of the organization's 19th annual mining conference in
Kalgoorlie, a historic mining town in Western Australia's
mineral-rich outback region.
Presenting the award to Mr. Friedland, Diggers and Dealers
Chairman Barry Eldridge noted some of the Ivanhoe Mines' successes
in discovering and developing mineral projects in the Asia Pacific
region.
"Developing any project has many implications for companies, but
developing world-class assets in frontier regions has the most
intriguing issues associated with logistics, regulations, market
influences, financing, innovation and access to appropriate
expertise," Mr. Eldridge said in the forum's citation.
"Developing the Oyu Tolgoi copper-gold project and the Ovoot
Tolgoi coal project in Mongolia would have tested the corporate
skills of most companies. Certainly, most companies would have been
intimidated by the issues that confronted them and invited a 'big
brother' to take management control and would have ceded project
equity control to allow the project to be developed.
"Ivanhoe has managed to retain full project equity. It did
invite a 'big brother' to the table, but through the
entrepreneurial skills of Robert and his team, Rio (Tinto) took
equity in Ivanhoe rather than direct project equity, allowing
shareholders of Ivanhoe to participate fully in project development
rather than being diluted out of the main game."
Rio Tinto presently holds a 46.5% interest in Ivanhoe Mines. The
Mongolian government acquired a 34% interest in the Oyu Tolgoi
Project in 2010; Ivanhoe Mines now holds the remaining 66%
interest.
Mr. Eldridge said that just the logistics associated with
managing a major project in a remote region, extreme weather
conditions, delicate government relationships and financing would
have merited the award.
"Maintaining focus on the main game was essential, but the
Ivanhoe group has also managed to develop one of the major,
emerging copper-gold regions around Cloncurry, in Queensland,
through spinning assets into a separate company while retaining a
62% equity interest in the new company.
"This has allowed (Ivanhoe Mines) to fully exploit all of the
corporate opportunities, provided shareholders with the ability to
maintain a substantial equity interest in all assets and be focused
on the main game of unlocking the potential of all assets.
"We believe that Ivanhoe and Robert and the management team
deserve solid recognition for managing some of the more interesting
asset development logistics our industry has seen for many
years."
Mr. Friedland, who has been a frequent speaker at the annual
Diggers and Dealers conferences, noted that Australian executives
were playing important roles in the development of the company's
projects.
He told delegates at the awards ceremony: "Remember that if you
don't grow it, you have to mine it. And what you are doing when you
are providing so much of the world's raw materials is you are
building the building block for a much better society all over the
world. You are reducing the price of real things, you are providing
things that people need all over Asia and all over the rest of the
world."
The Diggers and Dealers Mining Forum is the Australian
industry's largest annual gathering. Award recipients are selected
by an independent panel of mining and finance sector
representatives.
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. - Investors: Bill Trenaman
+1.604.688.5755 Ivanhoe Mines Ltd. - Media: Bob Williamson
+1.604.331.9830 www.ivanhoemines.com
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