The Wall Street Journal: Ivanhoe Australia Targets Final Bids for Assets Next Month

Ivanhoe Australia has set a deadline of next month for bidders to submit final offers to buy into a portfolio of base metal projects in northeastern Australia, likely seeking stakes of between 15% and 25%. The sales process, run by UBS, has already generated indicative bids as Ivanhoe Australia seeks to tie down funding for the Cloncurry project portfolio in Queensland state and ease market concerns it may need to resort to an equity raising in parallel with tapping debt markets. Ivanhoe Australia aims to have that funding in place by mid-year. Now another – equally intriguing – possibility is emerging. Will Rio Tinto’s desire not to be a long-term holder of Ivanhoe Australia prompt any of the bidders to drop plans for a minority stake in the projects and a lob in a bold offer for the whole company instead? Ivanhoe Australia is 59% owned by Toronto-listed Ivanhoe Mines, which in turn is 51% owned by Rio Tinto. To read the full article, click hereIvanhoe Australia Targets Final Bids for Assets Next Month

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