Ivanhoe Mines Appoints Citi as Adviser on Strategic Options to Further Enhance Shareholder Value
January 06 2010 - 8:15AM
Marketwired
Robert Friedland, Executive Chairman of Ivanhoe Mines (TSX:
IVN)(NYSE: IVN)(NASDAQ: IVN), announced today that the company has
retained leading global investment banking firm Citi and
independent mining-sector specialist Hatch Corporate Finance to
evaluate and advise the company on a range of strategic options to
further enhance shareholder value.
"Our Board of Directors and management team are delivering on
our commitment to build value for our shareholders," said Mr.
Friedland. "With the excellent progress that now is being made on
moving the Oyu Tolgoi copper and gold project toward production,
and with the strong performance of our SouthGobi Energy coal
subsidiary in Mongolia and Ivanhoe Australia's copper, molybdenum
and rhenium discoveries, this is the right time to explore options
available to us to further enhance value from our successes."
Citi and Hatch will assist Ivanhoe's management to evaluate a
range of options during coming months. Options include, but are not
limited to, potential debt/equity offerings, a credit facility, the
sale of subsidiaries, equity investments, project financing and/or
various corporate transactions. Mr. Friedland said that no specific
transaction is being considered at this time.
Citi's Global Investment Banking unit provides comprehensive
financial services to major corporations, financial institutions
and governments worldwide. Citi specializes in providing tailored,
strategic advisory services on M&A transactions and
capital-raising activities, including mergers, acquisitions,
divestitures, financial restructurings, underwriting and
distributing equity, debt and derivative securities.
Hatch Corporate Finance is a leading independent corporate
finance adviser which focuses exclusively on the global metals and
mining sectors. Hatch Corporate Finance specializes in providing
tailored advice in M&A transactions (acquisitions,
divestitures, mergers, joint ventures), capital markets activities
and debt advisory services. The Hatch Group, with more than 7,000
professionals and 65 offices globally, is recognized as one of the
world's leading consulting and engineering firms.
About Ivanhoe Mines
Ivanhoe Mines is an international mining company with operations
focused in the Asia Pacific region. Ivanhoe's core assets include
its world-scale Oyu Tolgoi copper and gold mine development project
in southern Mongolia. The joint Ivanhoe Mines-Rio Tinto Oyu Tolgoi
Technical Committee recently approved a conditional US$758 million
budget for 2010 to begin full-scale construction of the Oyu Tolgoi
mining complex.
Ivanhoe Mines' other core assets are its 79% interest in
Mongolian coal miner SouthGobi Energy Resources (TSX: SGQ); its 83%
interest in Ivanhoe Australia (ASX: IVA), a
copper-gold-uranium-molybdenum-rhenium exploration and development
company; and its 49% interest in Altynalmas Gold Ltd., a private
company developing the Bakyrchik and the Bolshevik gold mining
projects in Kazakhstan.
Ivanhoe Mines' shares are listed on the New York, NASDAQ and
Toronto stock exchanges under the symbol IVN.
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,
statements respecting the evaluation of equity/debt offerings, a
credit facility, equity investments, and/or various corporate
transactions, and other statements that are not historical facts.
There can be no assurance that a transaction will result.
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" elsewhere in the Company's
MD&A filed at www.SEDAR.com. The reader is cautioned not to
place undue reliance on forward-looking information or statements.
Except as required by law, the Company does not assume the
obligation to revise or update these forward-looking statements
after the date of this document or to revise them to reflect the
occurrence of future, unanticipated events.
Contacts: Ivanhoe Mines Ltd. Bill Trenaman Investor Contact
+1.604.688.5755 Ivanhoe Mines Ltd. Bob Williamson Media Contact
+1.604.688.5755 www.ivanhoemines.com
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