Ivanhoe Mines, involved in big mining project in Mongolia, narrows full-year loss
NEW YORK (AP) - Ivanhoe Mines Ltd. said Monday that it narrowed its net loss last year as revenue doubled from 2009.
The company said it lost $211.5 million, or 42 cents per share, in 2010, compared with a loss of $280.2 million, or 69 cents per share, in 2009.
Revenue rose to $79.8 million from $36 million.
The company also said construction of the first phase of the Oyu Tolgoi copper, gold and silver project in Mongolia is progressing toward its scheduled start of commercial production in 2013.
Ivanhoe is developing the project with partner Rio Tinto. Ivanhoe also has interests in other projects in Mongolia, Australia and Kazakhstan.
Shares in the Vancouver, B.C., company fell 56 cents, or 2 percent, to close at $26.84 in New York.
The company said it lost $211.5 million, or 42 cents per share, in 2010, compared with a loss of $280.2 million, or 69 cents per share, in 2009.
Revenue rose to $79.8 million from $36 million.
The company also said construction of the first phase of the Oyu Tolgoi copper, gold and silver project in Mongolia is progressing toward its scheduled start of commercial production in 2013.
Ivanhoe is developing the project with partner Rio Tinto. Ivanhoe also has interests in other projects in Mongolia, Australia and Kazakhstan.
Shares in the Vancouver, B.C., company fell 56 cents, or 2 percent, to close at $26.84 in New York.
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