Ivanplats Changes Its Name to Ivanhoe Mines
New name reflects the company's commitment to development as a
leading international multi-commodity mining company
New trading symbol to be IVN on Toronto Stock Exchange
TORONTO, ONTARIO -- (Marketwired) -- 08/28/13 -- Ivanplats (TSX:IVP)
Executive Chairman Robert Friedland and Chief Executive Officer
Lars-Eric Johansson announced today that the company has changed its
name to Ivanhoe Mines Ltd. effective today. The trading symbol for
the common shares of the renamed Ivanhoe Mines will be IVN on the
Toronto Stock Exchange and is expected to be in effect for market
open on Tuesday, September 3.
"As our company continues to advance our diverse, principal projects,
we believe this is the right time to make the transition to a
corporate identity that more broadly reflects the fact that Ivanplats
has grown and evolved in recent years to become much more than a
singularly focused platinum-group metals company," said Mr.
"We have been expanding our Platreef Project in South Africa's
Bushveld platinum belt for more than a decade. Encouraged by our
progress, we began using the distinguishing Ivanplats name several
years ago - before the fortuitous pace of events enabled us to
announce our Kamoa copper discovery in the Democratic Republic of
Congo's Katanga Province in 2009 and before our acquisition of a
majority interest in Katanga's Kipushi zinc-copper-germanium-precious
metals mine in 2011.
"Today, we have turned a page and are proud to usher in the era of
the New Ivanhoe Mines."
Mr. Johansson said that the Ivanplats name is being retained for use
in the ongoing development of the company's Platreef Discovery of
platinum-group elements, nickel, copper, gold and rhodium in South
The wellspring for the naming of the original Ivanhoe Mines entity in
1999 was Ivanhoe Capital Corporation, the private venture capital and
project finance firm founded by Mr. Friedland in 1987. Ivanhoe
Capital retained the right to the Ivanhoe name through a subsequent
2010 agreement with Ivanhoe Mines and Rio Tinto. This agreement
required the relinquishment of the Ivanhoe name after Rio Tinto
acquired control of Ivanhoe Mines in January 2012. Ivanhoe Mines
shareholders voted in June to approve the change to the new name of
Turquoise Hill Resources, which took effect in August 2012, directly
aligning the company's name with its flagship Oyu Tolgoi Project in
"The original Ivanhoe Mines and its predecessor company, Indochina
Goldfields, earned international recognition and respect over almost
20 years due in large part to the successes of its exploration and
development teams, crowned by the discovery of Oyu Tolgoi's copper
and gold resources over several years beginning in 2001 and the
construction of the mine," Mr. Friedland added.
"We believe the discoveries that Ivanplats has made so far at Kamoa
in the DRC and at Platreef in South Africa have the potential to be
as significant, perhaps even more so, than Oyu Tolgoi. Our decision
to reintroduce the Ivanhoe Mines name to the mining and investment
communities better reflects our multi-commodity mine development
portfolio. After 19 years of company-building experience in Africa,
this is an appropriate time for Ivanplats to assume the Ivanhoe Mines
mantle as we continue the fulfilment both of the company's potential
and its commitments to all of its stakeholders - and our pursuit of
opportunities across new horizons."
The common shares of Ivanhoe Mines will be identified by CUSIP number
46579R104, unless restricted by Rule 144A in the United States, in
which case those restricted shares will be identified by CUSIP number
About the new Ivanhoe Mines
Ivanhoe Mines (TSX:IVN) (formerly Ivanplats) (TSX:IVP), with offices
in Canada, the United Kingdom and South Africa, is advancing and
developing its three principal projects:
-- The Kamoa copper discovery in a previously unknown extension of the
Central African Copperbelt in the DRC's Province of Katanga.
-- The Platreef Discovery of platinum-group elements, nickel, copper, gold
and rhodium on the Northern Limb of the Bushveld Complex in South
-- The historic, high-grade Kipushi zinc-copper-germanium-precious metals
mine, also on the Copperbelt in the DRC and now being dewatered and
upgraded to support a future return to production of copper, zinc and
other metals following a care-and-maintenance program conducted between
1993 and 2011.
Ivanhoe Mines also is evaluating other opportunities as part of its
objective to become a broadly based international mining company.
Statements in this release that are forward-looking statements are
subject to various risks and uncertainties concerning the specific
factors disclosed here and elsewhere in the company's periodic
filings with Canadian securities regulators. When used in this
document, the words such as "could," "plan," "estimate," "expect,"
"intend," "may," "potential," "should" and similar expressions, are
forward-looking statements. Information provided in this document is
necessarily summarized and may not contain all available material
Statements in this release that constitute forward-looking statements
or information include, but are not limited to: the effective date of
the new trading symbol IVN; and the potential that the discoveries
that Ivanplats has made at Kamoa in the DRC and at Platreef in South
Africa to be as significant, perhaps even more so, than Oyu Tolgoi.
All such forward-looking information and statements are based on
certain assumptions and analyses made by Ivanplats' management in
light of their experience and perception of historical trends,
current conditions and expected future developments, as well as other
factors management believes are appropriate in the circumstances.
These statements, however, are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking information or statements. Important factors that
could cause actual results to differ from these forward-looking
statements include those described under the heading "Risks and
Uncertainties" in the company's most recently filed MD&A. Readers are
cautioned not to place undue reliance on forward-looking information
Media - North America:
Media - South Africa:
Press spacebar to pause and continue. Press esc to stop.