The Ivanhoe Mines Ltd held its annual and shareholders special meeting on June 28, 2012 where they appointed two new directors and approved a new company name. At the meeting, the Ivanhoe Mines shareholders approved changing the company’s name to Turquoise Hill* Resources Ltd.
The company was formerly known as Indochina Goldfields Ltd. and changed its name to Ivanhoe Mines Ltd. in June 1999. The new name Turquoise Hill Resources Ltd is anticipated to become effective on or by about August 01, 2012. The company’s new trading symbol on the Toronto Stock Exchange, the New York Stock Exchange and the NASDAQ Stock Market will be TRQ and is anticipated to take effect on or about August 06, 2012.
Previously some sources have been reporting that the first commercial production of the Oyu Tolgoi mine would start from August 2012, but Ivanhoe Mines Chief Executive Officer Kay Priestly
said, “The progress at Oyu Tolgoi continues at an impressive pace, with phase one construction
reaching 90% completion in late June 2012. We are counting down to start up at Oyu Tolgoi. First production
is expected in the second half of 2012 and commercial production should begin in the first half of 2013”.
The power supply of the Oyu Tolgoi mine is still not certain as discussions between the Governments of Mongolia and the People’s Republic of China on the power purchase agreement are ongoing. According to the Ivanhoe Mines report the infrastructure necessary to import power from China will be completed by July 2012.