Ivanhoe Mines (IVN.TO: Quote,IVN: Quote) said its Board of Directors has appointed David Klingner as chairman. The board has also reappointed Livia Mahler as a company director.
Kay Priestly, Ivanhoe Mines Chief Executive Officer, said, "The appointment of David Klingner as Chairman and reappointing of Livia Mahler as a director is another important step in the corporate governance transition agreed by Ivanhoe and Rio Tinto. The agreement with Rio Tinto announced on April 18, 2012 also establishes a comprehensive financing plan providing financial stability supporting the development of Oyu Tolgoi for the benefit of all shareholders..."
"At the end of April, Oyu Tolgoi's overall phase one construction was 82% complete and mining and stockpiling of first ore from the open pit had begun, which is indicative of the good progress we are making. Moving forward, our strategy will focus on the continued timely development of Oyu Tolgoi where we expect first production in the second half of 2012 and the beginning of commercial production in the first half of 2013."
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by RTT Staff Writer
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