Ivanhoe Mines Closes Private Placement With Rio Tinto

- March 23rd, 2010

Ivanhoe Mines (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN), reported that the company has closed its private placement with Rio Tinto that was announced on March 1, 2010.

Ivanhoe Mines (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN), reported that the company has closed its private placement with Rio Tinto that was announced on March 1, 2010.

The press release is quoted as saying:

As part of the private placement agreement, Ivanhoe Mines has issued 15 million common shares to Rio Tinto at CDN$16.31 per share, for total proceeds of CDN$244.7 million (US$241.1 million equivalent). Ivanhoe Mines has used CDN$198.2 million (US$195.4 million equivalent) of the proceeds to purchase from Rio Tinto key mining and milling equipment for the Oyu Tolgoi copper-gold mining complex in Mongolia. Ivanhoe Mines has received the balance of the proceeds, CDN$46.4 million (US$45.7 million equivalent), which will be used to purchase additional equipment and for general corporate purposes.

Click here to access the entire press release

Click here to access Ivanhoe Mines Corporate Site

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