History
2000 - In December ABM Mining (private) was merged into Ivanhoe Mines. At the time Ivanhoe's main assets included 50% of Myanmar's Monywa Copper Project (28,500 tonnes/year); that year production by both companies totalled 13,350 tonnes for copper, 2 million tonnes for iron ore pellets and 48,000 tones for iron ore concentrate. ABM Mining was founded in 1997 and remained a privately held company until the merger.[25]
2002 - Subsidiary ABM Mining purchased all of the outstanding debt associated with the Savage River iron ore project in Tasmania, Australia giving ABM Mining a priority claim on the project's assets.[26]
2005 - Savage River Project sold to Stemcor Holdings Limited of London for up to US$170 million. The spinoff was part of the company's efforts to shift focus to Oyu Tolgoi (specifically the Hugo deposit).[27]
2007 - In May the company sold all of its coal projects including Ovoot Tolgoi to Asia Gold Corp (currently SouthGobi); as part of the transaction Asia Gold gave Ivanhoe Mines over 80 million more shares of the company raising its interest in it from 45% to a majority stake. Later in October Rio Tinto helped Ivanhoe gain access to a $350 million credit facility which Oyu Tolgoi needed for further development.
2008 - In January Ivanhoe Mines raised $117.9 million through a series of private placements one of which increased its interest in SouthGobi (when it converted preferred shares into common shares). Also that month the newly discovered Heruga Deposit at Oyu Tolgoi was for the first time officially acknowledged (estimates completed) as having a substantial resource of copper, gold and molybdenum. Three months later, in April the government approved the Ovoot Tolgoi project allowing Ivanhoe to begin production in the southern portion (Sunset Field). In May it sold its majority interest in Jinshan Gold Mines for C$216.7 million. Later that summer Ivanhoe's Australian subsidiary went public with a A$125 million IPO (62.5 million shares) and Rio Tinto helped the Oyu Tolgoi project acquire certain equipment. Ivanhoe Australia was floated on the ASX exchange with Ivanhoe Mines owning 80% of it.[13]
2009 - Ivanhoe finally reached an agreement with the Mongolian Government on its share in Oyu Tolgoi, taxes as well as Ivanhoe's responsibilities when it comes to the environment and job opportunities for local people. In October Rio Tinto bought 46.3 million common shares for $388 million. In November the China Investment Corporation invested US$500 in SouthGobi in the form of a convertible debenture.
2010 - January - SouthGobi raised C$459 million by going public on the Hong Kong Stock Exchange. In March $250 million of the $500 million China Investment Corporation debenture was converted into SouthGobi common shares; the move lowered Ivanhoe's interest in it to 57%. Also that year, Rio Tinto promised that it will not make any attempts to take over Ivanhoe Mines before October 18, 2011 (Rio Tinto's possible interest in the company is limited to 46.65%).[28]
2012 - April - Ivanhoe Mines sells its 57.6% share of SouthGobi Resources to Chalco for $889 million. The decision came partly as a result of pressure from Ivanhoe's largest shareholder Rio Tinto to sell non core assets.[23] However, the Mongolian government asked that work be stopped at the company's Ovoot Tolgoi mine. On July 31, 2012 Rio Tinto purchased $935 million worth of Ivanhoe shares putting its total interest in the company at 51%.[29] To obtain the additional funding, it was required that Ivanhoe Mines change its name and that founder Robert Friedland resign as CEO.[6] Six of the senior board members also resigned however they didn't include former CEO John Maken who became company president.
2013 – June - Turquoise Hill Resources announced it had secured a $225-million non-revolving bridge facility from majority shareholder Rio Tinto.[30]
