ivanhoe mines ceospeech
TRANSCRIPT
Ivanhoe Mines Ltd.
Current Development
The Future of Ivanhoe Mines
Oyu Tolgoi is the world's largest undeveloped copper-gold project.
It’s located in the South Gobi region of Mongolia, 550 km south of the capital, Ulaanbaatar, and 80 km north of the Mongolia-China border.
Estimates indicate that Oyu Tolgoi contains approximately 81 billion pounds of copper and 46 million ounces of gold in measured, indicated and inferred resources.
Oyu Tolgoi
Oyu Tolgoi development
In 2010, Ivanhoe Mines recorded a net loss of $211.5 million ($0.42 per share) compared to a net loss of $280.2 million ($0.69 per share) in 2009, representing a decrease of $68.7 million.
This was offset by revenue of $79.8 million. Our biggest expenses were exploration, with
$218 million, up from $177 million in 2009. Successfully completed our strategic rights
offering to shareholders that generated gross proceeds of $1.18 billion.
Finances
Monywa copper mine in Burma/Myanmar It was Burma’s largest mining investment. Ivanhoe Mines had a 50-50 partnership with
the Burmese government. In 2001, the project achieved environmental
certification to internal standards by independent auditors.
In 2007, Ivanhoe transferred its 50-per-cent stake in the mine to a third-party trust fund.
Monywa copper mine
Complaints were filed against alleged breaches of the Organisation for Economic Co-operation and Development (OECD) guidelines for multinational enterprises, over:
1) the availability of an adequate supply of water for the new mine
2) the preparation of “an appropriate environmental impact assessment.”
OECD Complaints
The Oyu Tolgoi Project has completed numerous environmental studies since the completion of the initial Environmental Baseline Study in 2002.
Environmental Considerations
There is adequate water supply in the Gunii Hooloi basin to operate an Oyu Tolgoi mine processing 110,000 tonnes of ore per day; further expansion will be subject additional studies and water exploration.
◦ A commitment to apply modern extraction and processing technology at Oyu Tolgoi, which meets Mongolian and international environmental codes and standards.
◦ A commitment to submit and make public an independent report on the progress of the project every three years.
A commitment to pay the cost of eliminating material, adverse impacts on air, water, soil, animals and plants.
Ivanhoe Mines