2nd UPDATE: Ivanhoe Investor Says Stake Isn't Up For Sale
15 1월 2010 - 7:57AM
Dow Jones News
Ivanhoe Mines Ltd.'s (IVN) biggest shareholder said Thursday he
hasn't put his stake in the Vancouver company up for sale.
People familiar with the situation said that Robert Friedland,
the firm's executive chairman, was seeking to sell his 23% stake as
the company looks to finance development of a giant copper and gold
deposit in Mongolia.
Ivanhoe has a market capitalization of about 7.5 billion
Canadian dollars, or roughly $7.1 billion, based on Thursday's
closing share price. That values Friedland's stake at about $1.7
billion. Ivanhoe's stock price has jumped about five-fold in the
past 12 months, boosted by Ivanhoe's agreement last October to
develop the Oyu Tolgoi mine in Mongolia.
Ivanhoe said last week that it hired Citigroup Inc. (C) and
Hatch Corporate Finance, a London-based mining-industry adviser, to
explore its financing options. The company faces costs of more than
$2 billion to develop the Oyu Tolgoi project.
Ivanhoe reiterated Thursday in a press release that the two
firms are helping the mining company evaluate a range of options,
including potential debt and equity offerings, a credit facility,
the sale of subsidiaries, equity investments and project financing,
among others.
"However, Mr. Friedland said that no specific transaction is
being considered at this time," Ivanhoe said in the release.
According to one person familiar with the matter, though,
Friedland's stake has been shopped to Chinese sovereign-wealth
fund, China Investment Corp. A spokesman for Friedland denied that
"his interest has been shopped to CIC."
The fund has the wherewithal to invest in Oyu Tolgoi's
development, and China is hungry for natural resources to fuel its
growth. But the fund's level of interest wasn't known and bankers
often present the fund with investment opportunities it doesn't
pursue. A representative for the fund declined to comment.
State-backed Chinese energy companies also could be potential
buyers for the stake, one of the people familiar with the situation
said.
Anglo-Australian mining company Rio Tinto (RIO.AU, RIO.LN), a
partner in the Oyu Tolgoi project, owns 19.7% of Ivanhoe and can
raise its stake to as much as 46.6% under the companies' financing
agreement. Rio Tinto has a right of first refusal to purchase any
shares Friedland chooses to sell, according to the 2006 press
release announcing the relationship.
Purchasing Friedland's stake could force Rio to make an offer
for the rest of the company and Rio presumably would welcome a
well-heeled partner such as China. A Rio Tinto spokesman in London
declined to comment on the Ivanhoe stake.
SouthGobi Energy Resources Ltd. (SGQ.T), a coal company of which
Ivanhoe owns 79%, is seeking US$462 million from an initial public
offering of shares in Hong Kong late this month, according to a
term sheet. China Investment Corp. and Singapore's Temasek Holdings
Pte. Ltd. each has pledged to purchase US$50 million in shares of
SouthGobi, the largest exporter of coal from Mongolia.
Shares of Ivanhoe fell 2.4% to close at $16.76 Thursday in New
York.
-By Nisha Gopalan, Dow Jones Newswires; 852-2832-2343;
nisha.gopalan@dowjones.com
SouthGobi Resources (PK) (USOTC:SGQRF)
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SouthGobi Resources (PK) (USOTC:SGQRF)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025
