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Ivanhoe Mines Expects to Maintain a Majority of Independent Directors on the Ivanhoe Board
Published : January 27, 2012
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 27, 2012) - Ivanhoe Mines (News - Market indicators)(NYSE:IVN)(NASDAQ:IVN) Deputy Chairman Peter Meredith said today he expected the company's 14-member Board of Directors will continue to maintain a majority of independent directors, in accordance with the December 8, 2010, Heads of Agreement signed by Ivanhoe Mines and Rio Tinto.

Mr. Meredith was responding to shareholders' questions received following a Rio Tinto filing with the US Securities and Exchange Commission yesterday in which Rio Tinto said it anticipated it would gain more than a majority of the seats on the Ivanhoe Mines board by seeking the replacement of a majority of the present roster of directors who were not appointed by Rio Tinto. Rio Tinto currently has seven nominees on the Ivanhoe Mines board, including four independents.

As part of the 2010 Heads of Agreement, Rio Tinto agreed that at least eight of the 14 directors on the Ivanhoe Mines board would be independent, based on criteria established under Canadian and US securities laws, until the earlier of either January 18, 2014, or the date that Ivanhoe ceases to be a Canadian public company.

The Heads of Agreement also provides that the independent directors remain entitled to appoint one of the independent directors to serve as chairman of the board.

Mr. Meredith noted that the commitment to maintain an independent majority on the board applied irrespective of the number of directors Rio Tinto is entitled to appoint and is consistent with good corporate governance practices in the US and Canada.

"The four incumbent independent directors nominated to the Ivanhoe Mines board by Rio Tinto have done an outstanding job representing the interests of all shareholders of Ivanhoe Mines," Mr. Meredith said. 

"We look forward to maintaining a highly capable and motivated board to ensure that the company is managed in the best interest of all shareholders, even as new independent directors may be added."

Rio Tinto's SEC filing yesterday stated that while Rio Tinto had no current plan for changes, Rio Tinto also expected to seek the replacement of some of Ivanhoe's management. Mr. Meredith said the Board of Directors, acting in the best interests of Ivanhoe, is responsible for appointing the company's senior management.

"While the board obviously would take into account the views of its major shareholders, the composition of the Ivanhoe Mines management team is a board responsibility," he added. "The board and management of Ivanhoe Mines have been, and remain, focussed on making all necessary arrangements, including arranging project financing, for the completion of construction and start-up of production later this year at the Oyu Tolgoi copper-gold-silver project in Mongolia and, in the process, building meaningful value for all shareholders."

Rio Tinto announced on January 24 that it had increased its ownership stake in Ivanhoe Mines to 51%, from 49%.



Ivanhoe Mines Ltd. - Investors
Bill Trenaman
+1.604.688.5755
or
Ivanhoe Mines Ltd. - Media
Bob Williamson
+1.604.688.5755
www.ivanhoemines.com
Data and Statistics for these countries : Canada | Mongolia | All
Gold and Silver Prices for these countries : Canada | Mongolia | All

Ivanhoe Mines Ltd.

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CODE : IVN.TO
CUSIP : 46579N 103
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Ivanhoe Mines is a gold and copper development stage company based in Singapore.

Ivanhoe Mines produces gold, copper, iron in Australia and in Kazakhstan, develops copper and gold in Mongolia, and holds various exploration projects in Australia.

Its main assets in production are SAVAGE RIVER in Australia and BAKYRCHIK in Kazakhstan, its main asset in development is OYU TOLGOI in Mongolia and its main exploration properties are MONYWA in Myanmar and CLONCURRY in Australia.

Ivanhoe Mines is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 9.6 billions as of today (US$ 7.6 billions, € 6.7 billions).

Its stock quote reached its lowest recent point on January 29, 2016 at CA$ 0.53, and its highest recent level on December 09, 2022 at CA$ 12.17.

Ivanhoe Mines has 785 229 952 shares outstanding.

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