Ivanhoe Mines Announces Appointments of Rio Tinto Executives Andrew Harding and Kay Priestly to Company's Board of Directors
February 09 2011 - 8:30AM
Marketwired
Robert Friedland, Executive Chairman and Chief Executive Officer of
Ivanhoe Mines (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN), announced today
that Andrew Harding and Kay Priestly, senior executives of Rio
Tinto's copper division, have been appointed to the Ivanhoe Mines
Board of Directors.
Rio Tinto's nomination of Mr. Harding and Ms. Priestly increases
to six the number of Rio Tinto appointees presently on the
14-member Ivanhoe Mines board. Rio Tinto is entitled to nominate a
proportionate share of members to the Ivanhoe board, based on Rio
Tinto's shareholding in Ivanhoe, under terms of the October 2006
private placement agreement between Rio Tinto and Ivanhoe Mines.
Rio Tinto currently owns a 42.1% interest in Ivanhoe Mines.
Mr. Harding, Chief Executive of Rio Tinto Copper, previously was
a director of Ivanhoe Mines from November 2009 to July 2010. Mr.
Harding joined Rio Tinto in 1992, initially worked for Hamersley
Iron and progressed to hold operating roles within the energy,
aluminum and iron ore product groups, including at the Mount
Thorley, Hunter Valley, Weipa, Mount Tom Price, Marandoo and
Brockman mines. In 2007, he became global practice leader for
mining within Rio Tinto's technology & innovation group. Mr.
Harding was President and Chief Executive Officer of Kennecott Utah
Copper until his appointment as Chief Executive of Rio Tinto Copper
in October 2009.
Ms. Priestly is the Chief Financial Officer of Rio Tinto Copper
and a director of Stone Energy Corporation. She joined Rio Tinto in
2006 and was Vice President, Finance, and Chief Financial Officer
of Kennecott Utah Copper from 2006 to 2008. Previously, Ms.
Priestly spent 25 years with global professional services firm
Arthur Andersen, where she provided tax and consulting services to
global companies in the energy and mining sectors. She also was a
managing partner of Andersen's New Orleans office and a member of
Andersen's global executive team.
Mr. Friedland thanked outgoing directors Kjeld Thygesen and John
Macken, who have relinquished their seats on the Ivanhoe board to
create vacancies for Ms. Priestly and Mr. Harding.
Mr. Macken, President of Ivanhoe Mines, will continue his
leadership of the company's management team responsible for
bringing into production the world-class Oyu Tolgoi copper and gold
mine now under construction in Mongolia's South Gobi region. Mr.
Macken also will continue as a board member of each of Ivanhoe's
three principal subsidiaries, SouthGobi Resources, Ivanhoe
Australia and Altynalmas Gold.
Mr. Friedland acknowledged the 10 years of service provided to
Ivanhoe Mines by Mr. Thygesen, Managing Director of London-based
Lion Resource Advisors. "Kjeld joined us before we drilled the
initial discovery hole at Oyu Tolgoi in the summer of 2001. I am
deeply grateful to Kjeld for the knowledge and experience that he
brought to the board table and for the contributions he has made to
the successes of our company. We all wish him further successes in
the future."
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 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
(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.
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.
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 on Sedar. The reader is cautioned not to place undue
reliance on forward-looking information or statements.
Contacts: Ivanhoe Mines Ltd. Bill Trenaman Investors
+1.604.688.5755 Ivanhoe Mines Ltd. Bob Williamson Media
+1.604.331.9830 www.ivanhoemines.com
Ivanhoe Mines (NYSE:IVN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ivanhoe Mines (NYSE:IVN)
Historical Stock Chart
From Jul 2023 to Jul 2024