Ivanhoe Australia Limited: First Phase of Strategic and Business Review
Published : June 26, 2012
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Keywords :   Australia | Growth | Market |

MELBOURNE, AUSTRALIA--(Marketwire - June 25, 2012) - Ivanhoe Australia Limited (TSX:IVA)(News - Market indicators) today announced that it is finalising the initial phase of the strategic and operational review announced in May.

The review comprises two phases and is focused on identifying and implementing the actions required to position the business for future growth and improve shareholder value.

The first phase of the review has identified an immediate reduction in both corporate overheads and the operating cost base of the business. This first phase will achieve potential annual cost savings of approximately $10 million to be delivered across the balance of the current financial year. The majority of the savings will result from lower labour costs associated with a reduction in staff numbers of up to 50 positions. While not all of the specific positions that will be affected have been identified, it is expected this process will be finalised over the next two weeks. One-off implementation costs of approximately $2 million are expected to be incurred in the current financial year. In addition, other areas of expenditure reduction have been identified which will result in further savings of approximately $20 million. These expenditure reductions will be implemented within approximately four weeks.

Ivanhoe Australia Managing Director, Inés Scotland, commented, "These are difficult, but necessary first steps to improve the performance of the company and begin to create a sustainable platform for future growth. In the coming months we will further define the company's direction and structure to create greater certainty for all of our stakeholders." 

The second phase of the review, expected to be completed within the next three months, will confirm the direction of the company's development program and consider all available options to optimise the value of the company's project portfolio. This phase will include completion of the mining strategy review currently underway, which has identified the need to consider the consolidation of all underground mining and maintenance activities under one contractor to further reduce costs and improve flexibility. This is expected to deliver capital cost savings of approximately $25 million and operating cost savings of around 5%.

Forward-looking statements

Certain statements made herein, including statements relating to matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking information and statements are typically identified by words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "plan", "estimate", "will", "believe", "potential", "likely" and similar expressions suggesting future outcomes or statements regarding an outlook. These include but are not limited to the company's expectations about the future cost and expenditure savings.

All such forward-looking information and statements are based on certain assumptions and analyses made by Ivanhoe Australia's 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. The reader is cautioned not to place undue reliance on forward-looking information or statements.



Ivanhoe Australia Limited
Stephen Nossal
Senior VP Corporate & Markets
+61 3 9090 8800
or
Ivanhoe Australia Limited
Karen McRae
Manager Investor Relations
+61 3 9090 8800
www.ivanhoeaustralia.com
Data and Statistics for these countries : Australia | All
Gold and Silver Prices for these countries : Australia | All

Ivanhoe Australia Limited

EXPLORATION STAGE
CODE : IVA.AX
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Ivanhoe Australia is a copper and gold exploration company based in Australia.

Ivanhoe Australia develops copper, gold, molybdenum and rhenium in Australia.

Its main asset in development is MERLIN in Australia and its main exploration property is CLONCURRY/ SWAN - MT ELLIOT in Australia.

Ivanhoe Australia is listed in Australia. Its market capitalisation is AU$ 90.0 millions as of today (US$ 82.1 millions, € 60.5 millions).

Its stock quote reached its highest recent level on December 04, 2009 at AU$ 4.24, and its lowest recent point on June 07, 2013 at AU$ 0.10.

Ivanhoe Australia has 418 410 103 shares outstanding.

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Nominations of Ivanhoe Australia Limited
5/27/2013Chief Executive Officer's Address
1/15/2013Announces Company Secretary Appointment
6/28/2011Appoints Jim Askew as an Independent Non-Executive Director
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2/24/2011(Cloncurry/ Swan - Mt Elliot)Drilling Continues to Intersect High-Grade Copper and Gold M...
12/8/2008High-Grade Molybdenum and Rhenium Discovery Confirmed by Iva...
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4/11/2013Response to Media Article
3/19/2013Production Successfully Commenced at Starra 276 Underground ...
2/11/2013Revised Share Trading Policy
1/29/2013Pro-Rata Entitlement Issue Shortfall Placement
1/7/2013CORRECTION FROM SOURCE: Ivanhoe Australia Announces New Mana...
10/31/2012Quarterly Report for the Three Months Ending 30 September 20...
9/19/2012Upgrade to Mineral Resource; Over 60% Increase in Contained ...
8/31/2012Sale of Exco Limited Shares
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8/16/2012Strategic & Business Review Complete
7/30/2012Secures US$50 Million Working Capital Facility
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6/15/2012First Shipment of Concentrate From the Osborne Copper-Gold P...
6/8/2012Change of CEO
4/30/2012Significant Drilling Results at Ivanhoe Australia's Kulthor ...
4/12/2012Announces Board Changes
3/8/2012Achieves Producer Status
1/31/2012Accesses Very High Grade Little Wizard Molybdenum & Rhenium ...
1/19/2012Significant High-Grade Copper-Gold Intercepts in Resource De...
1/12/2012Receives $30.1 Million Distribution From Exco Resources' Ass...
10/28/2011Osborne Copper Gold Project on Track to Advance Ivanhoe Aust...
10/13/2011Completes Acquisition of 80% Interest in Exco Joint Venture ...
10/5/2011Foreign Investment Review Board Approval for Ivanhoe Mines t...
9/16/2011to Raise Up to A$150 Million Net Proceeds
4/20/2011Clarifies its Position on Exco Resources Limited's Market Re...
10/30/2009Quarterly Report to 30 September 2009
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