Ivanhoe Australia Receives $30.1 Million Distribution From Exco Resources' Asset Sale
(firmenpresse) - MELBOURNE, AUSTRALIA -- (Marketwire) -- 01/11/12 -- Robert Friedland, Chairman, and Peter Reeve, Chief Executive Officer of Ivanhoe Australia Limited (TSX: IVA)(ASX: IVA), are pleased to announce the receipt of the $30.1 million distribution from Exco Resources Limited.
The distribution, comprised of a capital return and special dividend, follows the finalisation of the sale of Exco's Cloncurry Copper Project to Xstrata.
"This extra funding places us in a solid position in the lead-up to initial production of copper and gold from our Osborne operation this March, increasing our cash balance - including the Exco distribution - to $166 million as at 31 December 2011," Mr Reeve said.
In total, Ivanhoe Australia has invested approximately $31 million during the past four and a half years in Exco shares and exploration work on the Ivanhoe Australia/Exco joint venture tenements. This investment has resulted in Ivanhoe Australia's current holding of 22.6% of Exco, an 80% interest in the joint-venture tenements and the receipt of the distribution in December.
Ivanhoe Mines (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN) is Ivanhoe Australia's largest shareholder and currently owns, directly and indirectly, approximately 59% of Ivanhoe Australia's issued and outstanding shares.
Contacts:
Ivanhoe Australia Limited
Peter Reeve
Managing Director & CEO
61 3 9090 8802
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Datum: 12.01.2012 - 00:35 Uhr
Sprache: Deutsch
News-ID 103410
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MELBOURNE, AUSTRALIA
Kategorie:
Mining & Metals
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