Ivanhoe shares fall on Mongolia news

SAN FRANCISCO (MarketWatch) -- Shares of Ivanhoe Mines CA:IVN -5.65% dropped in Toronto on Monday after the government of Mongolia said it is suspending certain mining licenses owned by SouthGobi Sands LLC. Ivanhoe has a controlling stake in SouthGobi Resources Ltd. which owns SouthGobi Sands. The move is believed to be related to the proposed sale of Ivanhoe's stake to Aluminum Corporation of China Ltd., according to a statement from SouthGobi Resources. Shares of Ivanhoe fell 5.5% to C$12.05 ($12.03). The benchmark S&P/TSX Composite IndexCA:$ISPTX -0.02% edged up 13.43 points to 12,053.82.