Turquoise Hill is Ivanhoe’s New Name
The Turquoise Hill Resources name was expected to become effective on or about August 1, 2012. Turquoise Hill’s new trading symbol on the Toronto Stock Exchange, the New York Stock Exchange, and the NASDAQ Stock Market is TRQ and was expected to take effect on or about August 6, 2012.
Also at the annual meeting, Warren Goodman and Russel Robertson were appointed directors of the company, bring-ing its number of directors to 11. Goodman has served as Rio Tinto’s General Counsel, Corporate-Europe and Business Develop-ment since April 2012. Robertson is exec-utive VP-Business Integration at BMO Financial Group and vice chair at BMO Financial Corp. Current planning calls for two additional directors to be appointed in the near future.
Ivanhoe CEO Kay Priestly said, “Progress at Oyu Tolgoi continues at an impressive pace, with phase-one construction reaching 90% completion in late June. We are count-ing down to start up at Oyu Tolgoi. First pro-duction is expected in the second half of 2012, and commercial production should begin in the first half of 2013. Discussions between the governments of Mongolia and China on the power purchase agreement are ongoing, and the infrastructure necessary to import power from China should be complet-ed by July 2012.
“We are executing the various elements of the comprehensive financing plan agreed to with Rio Tinto in April 2012. The overall package is expected to cover Ivanhoe’s total funding needs to complete the develop-ment of phases one and two of Oyu Tolgoi. Additionally, the strategic review of Ivan-hoe’s other assets is ongoing.”