By Robb M. Stewart
MELBOURNE--Ivanhoe Mines Ltd.'s (IVN) Australian unit will make
its first shipment of copper and gold from its Osborne project in
northwestern Queensland to an Asian smelter on Friday.
Ivanhoe Australia Ltd. (IVA.AU) in a statement valued the copper
concentrate around A$15 million and the gold at A$5 million. The
10,600 wet metric ton shipment of concentrate has been loaded and
is expected to leave Townsville Friday.
Ines Scotland, who was last week named interim chief executive
following the sudden resignation of Peter Reeve, said the start of
cashflow from Osborne is an important development for the
company.
"We are planning another three similar shipments this year
followed by full production next year," Ms Scotland said.
The project recently poured its first bar of gold dore, weighing
about 9 kilograms. First production of copper and gold at the site
began in March.
Ivanhoe Australia is 59% owned by Ivanhoe Mines, which in turn
is majority owned by Rio Tinto PLC (RIO).
Write to Robb M. Stewart at robb.stewart@wsj.com