Ivanhoe Mines announced last Friday that the company’s Board of Directors has appointed Dr. David Klingner as Chairman. The board has also reappointed Livia Mahler as a company director.
Upon his appointment, Dr. Klingner said, “It is an honour to be appointed Chairman of the Ivanhoe Mines Board of Directors. The company is advancing towards a significant milestone as phase one construction at Oyu Tolgoi nears completion and production is set to begin. The people of Mongolia will benefit from Oyu Tolgoi, which will be one of the country’s largest mining operations. I look forward to working with my fellow directors and the new senior management team as we further develop this impressive operation.”
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.”