Ivanhoe's Oyu Tolgoi mine work ahead of schedule
* Expects initial production at Oyu Tolgoi in late 2012
* Posts narrower loss in Q3
* Says debt financing package discussions progressing (Adds detail)
Nov 11 (Reuters) - Ivanhoe Mines (IVN.TO: Quote) reported a narrower third-quarter loss and said full-scale construction at the Oyu Tolgoi copper and gold mine in Mongolia is progressing ahead of schedule.
For the quarter, the company posted a loss of $24.9 million or 5 cents per share versus a net loss of $69.8 million or 18 cents per share a year ago.
Vancouver-based Ivanhoe reported quarterly revenue of $6.6 million, mainly from its Ovoot Tolgoi coal mine in southern Mongolia.
It expects to begin initial production of copper and gold at Oyu Tolgoi in late 2012.
Ivanhoe is developing the nearly $5 billion Oyu Tolgoi project in partnership with the Anglo-Australian miner Rio Tinto (RIO.AX: Quote) and the government of Mongolia.
The long delayed project finally got a go-ahead from Mongolian authorities in October 2009, following years of negotiations. [ID:nSP495396]
The company said discussions with a group of international financial institutions on a separate debt financing package are progressing and are expected to close in the first half of 2011.
Shares of Ivanhoe closed up 13 Canadian cents at C$26.26 on the Toronto Stock Exchange on Wednesday. (Reporting by Sakthi Prasad in Bangalore; Editing by Anshuman Daga)
* Posts narrower loss in Q3
* Says debt financing package discussions progressing (Adds detail)
Nov 11 (Reuters) - Ivanhoe Mines (IVN.TO: Quote) reported a narrower third-quarter loss and said full-scale construction at the Oyu Tolgoi copper and gold mine in Mongolia is progressing ahead of schedule.
For the quarter, the company posted a loss of $24.9 million or 5 cents per share versus a net loss of $69.8 million or 18 cents per share a year ago.
Vancouver-based Ivanhoe reported quarterly revenue of $6.6 million, mainly from its Ovoot Tolgoi coal mine in southern Mongolia.
It expects to begin initial production of copper and gold at Oyu Tolgoi in late 2012.
Ivanhoe is developing the nearly $5 billion Oyu Tolgoi project in partnership with the Anglo-Australian miner Rio Tinto (RIO.AX: Quote) and the government of Mongolia.
The long delayed project finally got a go-ahead from Mongolian authorities in October 2009, following years of negotiations. [ID:nSP495396]
The company said discussions with a group of international financial institutions on a separate debt financing package are progressing and are expected to close in the first half of 2011.
Shares of Ivanhoe closed up 13 Canadian cents at C$26.26 on the Toronto Stock Exchange on Wednesday. (Reporting by Sakthi Prasad in Bangalore; Editing by Anshuman Daga)
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