Ivanhoe Australia to Raise $154 Million for Copper, Molybdenum Projects

Platts reported that Ivanhoe Mines (NYSE:IVN) is seeking financing to develop its Merlin moly project and other properties.

The market news is quoted as saying:

The new shares, to be sold to institutional investors, will be priced at A$1.39/share, representing a 6.7% discount to the company’s last closing price of A$1.49/share on the Australian Securities Exchange. The company plans to spend A$150 million of the proceeds on restarting production at Osborne in March 2012 and on further development of the Merlin project, which is slated for production in 2013.

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