Reuters: Ivanhoe Mines turns profit, Oyu Tolgoi on track

Ivanhoe Mines said on Monday that construction at its Oyu Tolgoi copper-gold project in Mongolia will be 70 percent complete by the end of 2011, with commercial production seen in the first half of 2013. Ivanhoe also reported a quarterly profit on Monday, as gains from its coal subsidiary and a settlement of notes receivable outweighed exploration costs, sending shares up more than that 4 percent on the Toronto Stock Exchange. The company said it spent $2.2 billion on Oyu Tolgoi in the first nine months of 2011, slightly over the budget of $2.1 billion, and that development was 54.4 percent complete at the end of September. To read the full article, click hereIvanhoe Mines turns profit, Oyu Tolgoi on track

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