Ivanhoe Australia Names Ian Plimer Interim Chairman
April 18 2012 - 9:05PM
Dow Jones News
Ivanhoe Australia Ltd. (IVA.AU) said Thursday that independent
director Ian Plimer has been appointed interim chairman following
the resignation of Robert Friedland from the boards of the
Australian company and its majority owner, Ivanhoe Mines Ltd.
(IVN).
Plimer, a professor of mining geology at the University Of
Adelaide and emeritus professor of earth sciences at the University
of Melbourne, joined Ivanhoe Australia's board in 2007. He has
published six books and 130 scientific papers, and edited the
Academic Press Encyclopaedia of Geology.
Ivanhoe Mines said overnight that Friedland, the company's
founder and chief executive as well as chairman of Ivanhoe
Australia, had stepped down as part of an agreement that ensures
majority shareholder Rio Tinto PLC's (RIO) financial support for
the Oyu Tolgoi Mongolian copper project.
Ivanhoe Australia said independent director Sam Riggall, who
resigned as vice president of Ivanhoe Mines, also resigned.
Ivanhoe Australia is developing a range of projects in north
western Queensland state, and is seeking a strategic partner to
assist in funding.
"We will continue to work constructively with the board and
management of Ivanhoe Australia in order to maximize value for all
shareholders," Kay Priestly, the newly appointed interim CEO of
Ivanhoe Mines and chief financial officer of Rio Tinto's copper
group, said in a statement released to the Australian securities
exchange.
Ivanhoe Australia is 59%-owned by Ivanhoe Mines, which in turn
is 51% controlled by Rio Tinto.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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