Bloomberg News

Ivanhoe Australia Appoints UBS To Evaluate Cloncurry Proposals

January 31, 2012

Jan. 31 (Bloomberg) -- Ivanhoe Australia Ltd. appointed UBS AG to evaluate proposals from potential partners for its Cloncurry projects in Australia’s Queensland state.

Ivanhoe needs long-term funding to develop the mines which include the Osborne copper and gold deposit and the Merlin molybdenum and rhenium project, it said in a statement to the Australian stock exchange today. It has held talks with a number of companies in the past few months, it said.

“The sale of available minority interests in our assets would provide sufficient funding to help establish Ivanhoe Australia as one of the main base metals players in Australasia,” it said.

Ivanhoe is controlled by Ivanhoe Mines Ltd. Rio Tinto Group, the world’s third-largest mining company, last week gained a majority shareholding of 51 percent in Ivanhoe Mines.

Melbourne-based Ivanhoe Australia gained 2.6 percent to A$1.975 at 11:26 a.m. Sydney time.

Link to Statement:{NSN LYMZ473PR6RK <GO>}

To contact the reporter on this story: Rebecca Keenan in Hong Kong at rkeenan5@bloomberg.net

To contact the editor responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net


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