ID :
123933
Mon, 05/24/2010 - 16:04
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Shortlink :
https://oananews.org//node/123933
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WHAT IVANHOE MINES SAYS...
Ulaanbaatar, Mongolia, /MONTSAME/ Ivanhoe Mines has said it is in talks with the European Bank for Reconstruction and Development and the International Finance Corp. for financing to build its Oyu Tolgoi mine. It has signed a joint mandate letter with the big financial institutions which will consider providing a two-part package including up to $300 million from each organization and $1.2 billion from commercial lenders under a "B loan" structure.
Ivanhoe Mines said it also has received expressions of interest from export credit agencies to provide up to $500 million in direct project debt financing. A recently released development plan estimated that the initial capital cost required to achieve first production from the open-pit mine is $4.6 billion, the company said.
"Securing the proposed financing package--and combining it with possible additional subscriptions of more than US$1 billion through our existing agreements with Rio Tinto and the funds from our cash position that are earmarked for project development expenditures--would advance Ivanhoe a long way toward completion of the construction of the Oyu Tolgoi mine," Ivanhoe executive chairman Robert Friedland is quoted as saying.
The company sais options to raise the rest of the cash required to build the project includes additional potential debt, equity offerings, a credit facility, the sale of subsidiaries, equity investments, project financing and various corporate transactions.
D.Enkhbileg
Ivanhoe Mines said it also has received expressions of interest from export credit agencies to provide up to $500 million in direct project debt financing. A recently released development plan estimated that the initial capital cost required to achieve first production from the open-pit mine is $4.6 billion, the company said.
"Securing the proposed financing package--and combining it with possible additional subscriptions of more than US$1 billion through our existing agreements with Rio Tinto and the funds from our cash position that are earmarked for project development expenditures--would advance Ivanhoe a long way toward completion of the construction of the Oyu Tolgoi mine," Ivanhoe executive chairman Robert Friedland is quoted as saying.
The company sais options to raise the rest of the cash required to build the project includes additional potential debt, equity offerings, a credit facility, the sale of subsidiaries, equity investments, project financing and various corporate transactions.
D.Enkhbileg
