Shares in Ivanhoe slide on Oyu Tolgoi report
Shares in Canadian-listed Ivanhoe Mines, of which Rio Tinto Ltd has a 51 per cent holding, fell 7.9 per cent to $C14.37 on Tuesday following the release of a report on the Oyu Tolgoi copper-gold project in Mongolia, according to the Australian Financial Review.
The report featured a number of negative forecasts, including higher mining and processing costs, and lower ore grades, according to BMO Capital Markets analyst Tony Robson.
“Copper and gold grades for the first five and 10 years for the open cut are lower to materially lower than that previously used by BMO,” Mr Robson said.
At 1516 AEST, shares in Ivanhoe had fallen 2.64 per cent to $1.47 against a benchmark index fall of 0.07 per cent.
The report featured a number of negative forecasts, including higher mining and processing costs, and lower ore grades, according to BMO Capital Markets analyst Tony Robson.
“Copper and gold grades for the first five and 10 years for the open cut are lower to materially lower than that previously used by BMO,” Mr Robson said.
At 1516 AEST, shares in Ivanhoe had fallen 2.64 per cent to $1.47 against a benchmark index fall of 0.07 per cent.
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