Ivanhoe Australia Receives $30.1 Million Distribution From Exco Resources' Asset Sale
11.01.2012 | Marketwire
MELBOURNE, AUSTRALIA -- (Marketwire - Jan. 11, 2012) - 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.
Contact Information
Ivanhoe Australia Limited
Peter Reeve, Managing Director & CEO
61 3 9090 8802
peterr@ivancorp.net
www.ivanhoeaustralia.com