Ivanhoe Mines Ltd Gold und Kupfer in der Mongolei - 500 Beiträge pro Seite

Profil:

Ivanhoe Mines is an international mining company developing a major new discovery of gold and copper at the Turquoise Hill (Oyu Tolgoi) Project in southern Mongolia, just 80 kilometres north of China. Since drilling the discovery hole in July 2001, Turquoise Hill has grown to become one of the world`s largest copper/gold porphyry deposits. While drilling is continuing to expand and delineate the deposit, independent mine development studies are ongoing to establish the viability of a commercial mining operation and determine a range of capital and operating costs.

Ivanhoe also has a large regional exploration program targeting gold and copper in Mongolia and China.

Ivanhoe produces copper, gold and iron ore products from various mines in the Asia Pacific region.




DEVELOPING A MAJOR NEW GOLD AND COPPER DEPOSIT IN MONGOLIA`S SOUTH GOBI REGION
Mongolia Ivanhoe Mines is developing a major new discovery of gold and copper at the Turquoise Hill (Oyu Tolgoi) project in southern Mongolia, strategically located on the doorstep on the world`s largest consumer of copper -- China.

Highlights of the exploration drilling results at Turquoise Hill to November 10, 2003:


The total inferred resources at a cut-off grade of 0.60% copper equivalent for all four deposits on the Turquoise Hill property have been increased to 1.28 billion tonnes grading 1.13% copper and 0.24 g/t gold. Based on drilling to this point in time, AMEC estimates that the property contains an inferred resource of approximately 14.6 million tonnes (30.1 billion pounds) of copper and 9.74 million ounces of gold --- an increase of 39% in the amount of copper and an increase of 61% in the amount of gold since the previous estimate was issued on August 25.

There also is an additional indicated resource in the Southwest Oyu deposit of 267 million tonnes grading 0.53% copper and 0.86 g/t gold, containing approximately 1.42 million tonnes (3.1 billion pounds) of copper and 7.35 million ounces of gold, at the 0.60% copper equivalent cut-off grade. The resources in the indicated category are approximately the same as were reported in the August estimate, as the company has conducted only a minimal amount of drilling into the Southwest Deposit since February, 2003.

At a lower cut-off grade of 0.30% copper equivalent, AMEC estimates that the entire Turquoise Hill project contains an inferred resource of 2.60 billion tonnes grading 0.73% copper and 0.17 g/t gold, containing approximately 19.1 million tonnes (42.2 billion pounds) of copper and 14.4 million ounces of gold. This represents an increase of 26% in the amount of copper and a 42% increase in the amount of gold since August. At the 0.30% cutoff, the project also contains an additional indicated resource of 509 million tonnes grading 0.40% copper and 0.59 g/t gold, containing 2.06 million tonnes (4.5 billion pounds) of copper and 9.69 million ounces of gold.
The resource base remains open for very significant expansion as Ivanhoe`s drilling program continues to intersect wide intervals of primary gold and copper mineralization, expanding the size of the overall deposit well beyond the boundaries defined by the current resource estimate. An independent scoping study is underway to evaluate options for the development of a commercial mining operation at Oyu Tolgoi. The study, evaluating the potential for the development of the project by surface and underground mining, is being conducted by an alliance of AMEC, Ausenco Limited, GRD Minproc and SRK Consultants. The scoping study will form the basis for a pre-feasibility study that will establish the viability of a commercial mining operation at Oyu Tolgoi and determine a range of capital and operating costs. Ivanhoe holds a 100% interest in the Turquoise Hill Project and owns or controls exploration rights covering approximately 100,000 square kilometres in central and southern Mongolia. Ivanhoe also is exploring for gold and copper in Inner Mongolia, China.

Regional exploration is ongoing on the company`s other Mongolian gold and copper projects. See News Releases for updates.


Die Analysten:

COMPANY ANALYST RECOMMENDATION DATE
UBS Tony Lesiak BUY 2 11/14/03
Salman Partners Raymond Goldie BUY 11/13/03
GMP Larry Strauss BUY 11/11/03
Loewen, Ondaatje, McCutcheon Catherine Gignac SPECULATIVE BUY 11/11/03
CIBC Jack Jones SECTOR OUTPERFORMER (Speculative) 11/10/03
BMO Nesbitt Burns Steven Butler MARKET PERFORM 11/03/03
HSBC Nawojka Wachowiak BUY 09/22/03
Haywood Securities Glenn Brown SECTOR OUTPERFORM 07/23/03
HSBC Tony Lesiak BUY 04/24/03
Westwind Partners Chad Williams BUY 03/21/03
Canaccord Capital Graeme Currie SPECULATIVE BUY 11/26/02
Union Securities Ltd. Pierre Vaillancourt SPECULATIVE BUY 11/20/02

Ein kritischer Artikel aus forbes:

Once again, Robert Friedland is talking up a huge strike. This time it`s copper and gold in Mongolia.
These are mighty days for Robert Friedland. The 53-year-old natural resources billionaire has been racking up miles on his corporate jet, charming investors at conferences from Hong Kong to New Orleans, cajoling Japanese and Korean bankers, working with the repressive governments of China and Burma. It helps that commodity prices, as recorded by the Reuters-Commodity Research Bureau index, are up 30% in the last two years.

But the real attraction is Friedland himself and his tales of copper and gold deposits buried under the Gobi Desert. This Mongolian mother lode is in a remote place called Turquoise Hill, or Oyu Tolgoi, as the locals refer to it. Friedland calls it "the treasure chest," and claims it contains perhaps as much copper as Falconbridge`s rich Collahuasi mine in Chile. Turquoise Hill is right on the doorstep of China, which last year sucked up 2.25 million tonnes of copper, making it the world`s largest consumer. Indigent Mongolia, Friedland says, has pledged to do everything necessary to help develop the site. "I`m not in the business of giving investment advice," Friedland recently told Bloomberg News. "On the other hand, this is one of the major copper and gold discoveries in the world." His evidence: core samples taken over the last two years, but no comprehensive engineering studies yet.

Investors have been hearing what they want to hear. Shares of Friedland`s Singapore-based Ivanhoe Mines--which trade on the Australian and Toronto stock exchanges, and (at $9) on the Pink Sheets in the U.S.--are up 318% in the last year, making his 41% stake worth $940 million. This notwithstanding that last year Ivanhoe Mines lost $30 million on revenue of $87 million, largely from mining iron in Australia, copper in Burma and gold in Kazakhstan. Mutual funds like Tocqueville Gold and Scudder Gold & Precious Metals have made Ivanhoe Mines their biggest single holding because they believe Friedland is on to something in Mongolia.

The stock is also being cheered on by stock analysts and newsletter writers (see box, opposite), who are brushing aside the self-dealing through which Friedland has increased his stake. Shareholders also seem to be dismissing Friedland`s past legal battles with the U.S. government, his cozy relationship with the thugs running Burma and the lack of in-depth engineering analysis of Turquoise Hill. "Everybody gets excited when Bob Friedland is pumping some stock, whether it makes sense or not," says Ryan Bennett, principal at Resource Capital Funds, a Denver private equity group, who just returned from Mongolia.

No one questions Friedland`s promotional skills. Born in Chicago, he bought into penny mining stocks and pitched them on the Vancouver Stock Exchange--until prospectors of his Diamond Fields Resources looking for diamonds in Voisey`s Bay, Newfoundland happened upon a vast nickel deposit. That was in 1994, when Friedland was best known by critics as "Toxic Bob," after another of his ventures, Galactic Resources, tried to develop a gold mine near Summitville, Colorado using heap leaching, an extraction process that dips ore in cyanide to extract gold. Galactic went bankrupt and left the mess for the Environmental Protection Agency to clean up. (The Department of Justice went after Friedland in 1996; he settled, paying $20 million.)

The Voisey`s Bay find changed Friedland`s fortunes and those of shareholders--but added to his controversial reputation. He angled two large mining companies, Inco and Falconbridge, into a bidding war. Inco emerged the winner, paying $3.1 billion for the nickel deposit in 1996--but soon regretted it. Voisey`s Bay turned out to be as much of a political minefield as a nickel deposit. Newfoundland, Canada`s poorest province, would not let Inco dig up the site unless the company promised to build a smelter and process the nickel in the province. Meantime, Innu and Inuit groups claimed the nickel deposit lay on their ancestral land. Last year Inco finally struck a deal, agreeing to build a $530 million nickel processor in Newfoundland and getting the Canadian government to kick in $100 million, partly to train Innu and Inuit for work at the mine and plant. Inco admitted it overpaid by taking a $1.6 billion writedown on its Voisey`s Bay investment in 2002. Friedland got to walk away from it all, pocketing $400 million for his 13% stake in Diamond Fields.

Friedland poured his money back into the ground. This prospector knows how to hedge his bets. Through a private holding company, Ivanhoe Capital, he owns a 32% stake in Nasdaq-listed Ivanhoe Energy--a stake worth $210 million. Ivanhoe Energy, run by former Occidental Petroleum executives, produces oil and gas in places like China and California. Friedland also has a 50% piece of African Minerals, a private outfit searching for platinum. He has tried to rehabilitate a failed iron mine, acquired from the government of Tasmania in 1996 by ABM Mining, then one of his private companies, with a promise of eventually paying $8 million in services. And then there is Ivanhoe Mines.

Ivanhoe Mines inked an agreement with the Burmese government to develop a copper mine and split the profits. Human rights groups were quick to denounce Ivanhoe, accusing the mine of taking advantage of forced labor and poisoning the environment. The company denies the accusations, saying the mine bolstered the area`s economy.

Then came the big break. BHP Billiton, the world`s largest mining firm, had been kicking sand around the Gobi Desert in the late 1990s. After drilling 23 holes at Turquoise Hill, BHP suspended activities there. Friedland swooped in and cut a deal to buy the exploration license to the 1,350 square kilometers of Turquoise Hill in May 2000, agreeing to pay $5 million and grant BHP 2% of the revenues generated by any mine. Ivanhoe also promised to spend at least $6 million to explore the area and started drilling in June 2000. Ivanhoe eventually paid BHP $37 million for the 2% royalty in the deposit.

This past August a unit of London-based Amec, an engineering firm, reported after studying samples from 400 or so drill holes that Turquoise Hill could potentially hold 17.2 million tonnes of copper and 21 million ounces of gold--$43 billion of metal at recent prices. These are rough estimates, and there is a wide gap between the value of refined metal and the value of buried ore.


Hat jemand schon Erfahrungen mit Ivanhoe gemacht?
Mir kommt das Ganze vor, als gibt es eine Riesenchance aber auch ein beträchtliches Risiko. Deshalb bin ich bisher nur mit einer kleinen Portion Spielgeld eingestiegen.
Übrigens: Noch vor weihnachten sollen neue Bohrergebnisse aus der mongolei gemeldet werden.

Eine Information von einen Informanten aus Toronto,ein sehr erfahrener Mann,meinte, bei den meisten Friedland -Aktien habe es sich gelohnt,um C$ 10 ausszusteigen.(Friedland ist der Gründer und Promotor von Ivanhoe)Außerdem würde das Bergwerk 1 Milliarde Dollar kosten und für den Abtransport der Kuperkonzentrate wäre Ivanhoe auf das Wohlwollen der chinesischen Behörden angewiesen.Also sollte man hier mit Vorsicht umgehen.MFG hpoth

Andererseits:

One mining finance expert in London told us recently that Ivanhoe’s Oyu Tolgoi project must be too good to be true. His conviction is hardly unique. The mining industry’s global bush telegraph thumps with similar talk, most of it based entirely on retreaded formulations of Friedland’s reputation and character, rather than the project facts.
Aus: http://www.mips1.net/mggold.nsf/Current/4225685F0043D1B24225…

Genau zwischen diesen beiden postings schwanke ich. Beide könnten recht haben - also nur eine kleine Portion.

Zur Geschichte von Oyu Tolgoi




During the 1980’s the district was investigated by a joint Mongolian and Russian regional geochemical survey and the Central Oyu area was reported as a molybdenum anomaly. Mongolian geologist Mr. D. Garamjav visited Oyu Tolgoi in 1983 and in September 1996 guided a Magma exploration team to the area. The outcrops with stockwork quartz veining at central Oyu were identified as a leached cap of a porphyry copper deposit and exploration tenements were secured in late 1996. During the 1997 field season BHP carried out geological, geochemical, ground magnetics and induced polarisation surveys and an initial 6 hole diamond drilling program of 1002 metres. This was designed to test the potential for secondary chalcocite mineralisation at central Oyu and hypogene copper-gold mineralisation at south Oyu. Drill hole OTD 3 at central Oyu intersected 10 m of 1.89 % copper from 20 m below surface and drill hole 4 at South Oyu encountered 70 m of 1.65 % copper and 0.15 ppm gold from 56 m down hole. A second drilling campaign of 17 widely spaced relatively shallow holes (2800m) was completed in 1998 with mixed success. Drill holes 5, 7, 9 and 10 collared in the vicinity of South West Oyu returned encouraging copper and gold values including 39.2m averaging 0.72% copper and 1.13g/t gold. Based on this limited data BHP in 1999 estimated a preliminary resource of 438 Mt averaging 0.52 % copper and 0.25 ppm gold.


In mid 1999, a corporate decision was made to discontinue exploration in Mongolia and BHP’s tenements were offered for joint venture. The Oyu Tolgoi tenements were visited by Ivanhoe Mines in May 1999 and an agreement to acquire 100% interest in the property subject to a 2% Net Smelter Return was reached. In June 2002 Ivanhoe had completed all of it’s earn-in requirements and acquired 100% interest subject to the residual 2% NSR.


Ivanhoe’s exploration philosophy like that of BHP, was to continue to explore for secondary copper and porphyry-related hypogene copper-gold mineralisation. Commencing in May 2000, Ivanhoe completed 8000m of reverse circulation drilling focused mainly at Central Oyu to test the chalcocite blanket discovered previously by BHP. Based on the RC results Ivanhoe estimated an indicated resource of 31.7Mt of 0.8% copper amenable to open pit mining. In May 2001, Ivanhoe continued RC drilling, mostly in the South Oyu area followed by three diamond holes, numbers 149, 150 and 159 in South Oyu, Southwest Oyu and Central Oyu, respectively. These three holes were targeted to test the deep hypogene copper-gold potential Hole 149 drilled to scissor BHP’s hole 4 at South Oyu intersected 71.5m of bornite-rich mineralisation grading 1.36% copper and 0.18g/t gold. In Southwest Oyu, hole 150 drilled midway between the 400m spaced, BHP holes 9 and 10, intersected 508m of chalcopyrite-rich mineralisation (starting at 70m down hole) grading 0.81% copper and 1.17g/t gold. This discovery demonstrated that the south Gobi and Mongolia in general have high potential for major economic gold-rich porphyry copper deposits.


In July, Ivanhoe’s first drill hole commenced at central Oyu. It was a vertical hole aimed at testing the hypogene zone below the chalcocite blanket. A 252m intercept of 0.61% copper comprised hypogene covellite, chalcocite and pyrite. In September 2002, hole 270 drilled at Far North Oyu intersected 638m @ 1.6% copper and in March 2003 hole 367A, also in Far North Oyu encountered 164m of 1.42g/t gold and 4% copper. Thus by the end of March 2003, four significant zones of copper-gold mineralisation, had been identified at Oyu Tolgoi.

Quelle www.nhc.ac.uk

NEW DEPOSIT OF COPPER AND GOLD-Oyu Tolgoi


Oyu Tolgoi (Turquoise Hill), a large copper and gold deposit, was discovered on Khanbogd soum territory, South Gobi province. The deposit, requiring over US$ 1 billion investment for construction of a processing plant, has the latest preliminary reserve of 448 000.0 tons gold, 3.2 million tons copper and 940.8 million tons ore.

D. Garamjav, Senior Geologist, Ivanhoe Mines says: "460 m deep drilling in Oyu Tolgoi concession yielded a result of high ore content in rocks with 1% copper and 2 g/t gold. Copper porphyry deposits with high gold grading rarely occur worldwide.”

Per experts, required investment of US$ 1 million to build a copper processing plant for Oyu Tolgoi project will be earned within a few years. D. Garamjav says: “If only copper was found in a deposit, it would be risky to invest to a processing plant as it would demand many years to earn the investment. But with regard to Oyu tolgoi, the concession has both gold and copper that will be mined at the same time. It allows much low-cost gold mining, which further gives a probability to pay off the investment from the gold mining in relatively short period”. Ivanhoe Mines intends to erect a copper mining plant in 2010 at the project.

Today Erdenet Copper Concern is the only plant operating a placer deposit in the mining sector of Mongolia, which is believed to have reserve to last for the next 20 years.

Ts. Enkhbold, Deputy Head, Department of Geology and Mineralogy, Ministry of Industry and Trade: “Copper concentrate from Erdenet is 50% among the total export products of Mongolia”. The gold deposit at Oyu Tolgoi has 1.8 gram higher content than Erdenet and Tsagaan Suvarga copper mines in terms of gold grading per ton of ore. However, its copper reserve is 3 times lower than Erdenet. Construction of a copper processing plant at Oyu Tolgoi would have several advantages.

Oyu Tolgoi is only 80 km from Chinese border offering advantages in cheap work force, as well as having a suitable location to enter professional construction industry and gigantic copper market of China. R. Freidland, Director, Ivanhoe Mines Co., Ltd says therefore, 200 km long railway between Chinese railway and Oyu Tolgoi and Tavan Tolgoi coked coal mine is planned for the coming 2 years.

But main concern to use the deposit is to solve water problems. Exploration work, through which hydraulic experts from Canada will arrive soon, is already started. Positive findings from the exploration will lengthen the lifetime of the plant to be built in the near future.

BHP, an Australian company, first came to Oyu Tolgoi project and discovered copper occurrences. The company left the project after several drillings as the first result of occurrence was not satisfactory to the company. Douglas McGay, Business Manager, Ivanhoe Mines: "Ivanhoe obtained the exploration license on a basis of an agreement with BHP. The first exploration by Ivanhoe on the project site started with US$ 6 million investment.”

Having discovered Oyu Tolgoi project, an Ivanhoe share at Toronto Stock Exchange is Can$ 3.2, having 2 times increase during the last year from the previous price of Can$ 1.6 per share. D. McGay: “17 million shares at Can$ 3.25 were issued starting from March 2002 to support exploration works. The result was an earning of US$ 35.8 million”.

A plan for the next 10 years is processed with paying attentions to conduct additional studies and explorations in Oyu Tolgoi project area. For example, US$ 10 million is proposed for explorations while US$ 6 million has already spent for this year.

R. Freidland: “Findings from an exploration in Kharmagtai area, 120 km from Oyu tolgoi, has shown a result that the area might have a large copper reserve. The exploration will be extended to Shuteen area, 100 km east from Kharmagtai”. Seven exploration works are designed to be conducted in coming two years with expectation and hope to discover new deposits.

Intensive infrastructure development will commence from 2005 including construction of paved and path roads, electricity transmission lines, telecommunication and construction of a plant capable to mine 50,000 tons ore per day from Oyu Tolgoi project.

R.Freidland talks about laws and legislation in Mongolia: “In 2001, the Government facilitated a favorable business environment through its decisions to set different percentages for gold royalties or 2.5% for placer and 7.5% for alluvial deposits and to exempt VAT, in order to promote investment in gold mining industry. And our company came under this condition” (the previous 10% royalty tax for alluvial deposits went down to 7.5%).

However, the fees for company certificates required to run business operations and mining licenses cost relatively high in Mongolia compared with other countries. For instance, the tax hits 40% in case of mining operations after obtaining the licenses. While countries, such as Chile and Australia, that have achieved in attracting foreign investment at most, 18% and 32% respectively.

Experts have different points of view for advantages and disadvantages from constructing a copper processing plant in Oyu Tolgoi project.

N. Algaa, Director, National Mining Association: “In 20 years Erdenet will run out its copper reserve leaving us no choice but to erect a processing plant. As Mongolia is lack of economic capacity and construction of a plant with assistance from international investors is one of the most worthwhile options. Since mining sector is the most risky industry demanding large amount of capital for explorations only. Oyu Tolgoi will be a great advertisement for Mongolia to open it on the international market”.

N. Kherlen, Head, Cadaster Officer: “GDP will have growth by having more international investors in Mongolia, as well as increase in earnings from income and value added taxes. On other hand, it will be a lever for infrastructure development in rural areas so using Oyu Tolgoi project as a plant is valuable to Mongolia”.

Regarding negative impacts, Mr. Bat – Erdene, mining expert, says “Mongolia should have a realistic approach to construction of a copper processing plant at Oyu Tolgoi. Having a plant, Mongolia will be open to new technology and know – how, but, on other hand, the country might turn into a raw material base for developed countries. In addition, as the project expands, there will be more impacts to the country’s economy and environment. There is likelihood for the country to be left with a big hole. Though the Minerals law is said to be good, it much minimized the Government participation. Therefore, the Government has to constantly cooperate with Ivanhoe”.

by bizMongolia.mn
September, 2002

www.investmongolia.com/mining.htm

Guten Tag,

ist wahrscheinlich kursmässig schon alles gelaufen. Bin auch fein raus Empfehle einfach die verschiedenen Threads durchzulesen u.a. auch diesen Thread: Ivanhoe Energy Ölaktie mit Chinafantasie erhält ein Buy Rating von Jefferies & Co.

Good luck

sowhat

Ivanhoe - ein Favorit von Marc Faber:

"Droht 2004 der China-Crash?"

Asien-Spezialist Marc Faber im Gespräch mit FINANZ€N

INTERVIEW DES MONATS

"Herr Faber, droht 2004 der China-Crash?"

Marc Faber gilt als "Contrarian", als einer, der gegen den Strom schwimmt. Mit Erfolg: Faber hatte frühzeitig vor der Asien-Krise 1997/98 und der japanischen Aktienkrise 1990 gewarnt. Auch jetzt warnt er Anleger davor, zu gierig zu sein: Die Kurse seien auf den meisten Märkten bereits ausgereizt.

FINANZ€N: Herr Faber, zum Jahresbeginn 2003 haben Sie in FINANZ€N Rohstoffe und die asiatischen Märkte empfohlen. Wie sehen Sie diese Tipps heute?

Marc Faber: Rohstoffe sind in diesem Jahr sehr stark gestiegen, etwa Baumwolle, Kupfer, Gold, Eisenerz, Stahl oder Zement. Es ist alles eingetroffen, was ich damals gesagt habe. Daher war 2003 ein ausgezeichnetes Jahr. Doch die Vergangenheit ist mir egal, die Zukunft interessiert mich mehr. Ich glaube, dass sich China in einer Überhitzungsphase befindet. Wenn sich die Lage nicht abkühlt, wachsen die Risiken für eine Wirtschaftskrise. Ähnlich ist es bei Rohstoffen: 2001 war das kein Thema, aber jetzt sprechen Anleger überall von China und von Rohstoffen - ein Alarmsignal.

FINANZ€N: Wie starten Sie ins Jahr 2004?

Faber: Ich sehe mehr Risiken als Chancen. Vor einem Jahr waren die Erwartungen der Anleger sehr niedrig - heute sind sie sehr hoch. Es könnte sein, dass diese Hoffnungen enttäuscht werden. So ist die US-Börse auf einem Niveau, von dem aus sie stark fallen könnte.

FINANZ€N: Gilt das auch für die asiatischen Börsen?

Faber: Sie fallen sicherlich nicht unter das Niveau der Tiefkurse von 1998, aber ich würde einen Rückschlag von 30 bis 40 Prozent nicht ausschließen.

FINANZ€N: Was ist der Grund für den Pessimismus?

Faber: Die Börsen erreichen ihren Tiefpunkt, wenn die Stimmung am negativsten ist, und sie erreichen ihren Höchststand, wenn Anleger sagen, die Kurse können nicht fallen.

FINANZ€N: Ganz konkret: Was könnte fallende Kurse auslösen?

Faber: Erstens: Das US-Wirtschaftswachstum wurde durch die Geldpolitik und die wachsenden Finanzdefizite künstlich hergestellt. Es ist denkbar, dass das Wachstum 2004 enttäuschend ausfallen wird, dass die USA sogar in eine Rezession fallen. Zweitens: In China kann alles passieren. Die Überhitzung könnte in eine Krise münden. Drittens: Die Inflation beschleunigt sich, die Zinsen steigen. Viertens: Geopolitische Probleme, wie eine Revolution in Saudi-Arabien. Fünftens: Der Ölpreis könnte stark steigen. Die Börsen sind überkauft; die Stimmung ist so, dass selbst ein kleines Ereignis zu großen Kursrückgängen führen könnte.

FINANZ€N: Wie haben Sie sich vor diesem Hintergrund positioniert?

Faber: Ich halte viel Bargeld und einen sehr geringen Aktienbestand. Ich behalte mein Gold, weil ich glaube, dass die Notenbanken die Geldmenge erhöhen werden und Gold langfristig steigen wird. Ich schätze Anlageformen, bei denen das Angebot kurzfristig nicht schnell erhöht werden kann, wie Gold und Silber, Minen und Öl. Selbst wenn die Nachfrage nach Rohstoffen steigt, können die Produzenten das Angebot innerhalb kurzer Zeit nicht wesentlich erhöhen. Zudem glaube ich, dass Sachwerte einen besseren Wert darstellen als Finanzwerte. Ich finde Immobilien sind nicht wahnsinnig teuer. Wenn die Nettorendite bei einem Haus rund sechs Prozent beträgt, dann ist das eine gute Anlage.

FINANZ€N: Sie bezeichnen sich als Contrarian. Wo finden Sie als Querdenker derzeit gute Investmentmöglichkeiten?

Faber: Zucker und Kaffee sind billig. Die Wahrscheinlichkeit, dass sich der Kaffeepreis innerhalb der nächsten fünf Jahre verdreifacht, ist sehr hoch. Der Pro-Kopf-Konsum der Chinesen steigt rapide. Je höher die Nachfrage, umso größer die Preisreaktion bei Wetterausfällen. Bei Zucker ist die Lage nicht so klar. Der Preis befindet sich seit 1973 in einem Bärenmarkt; er könnte steigen. Auch Silber ist im Vergleich zu Gold unterbewertet.

FINANZ€N: Was ist für Privatanleger der beste Weg, um in Rohstoffe zu investieren?

Faber: Es gibt zum Beispiel in Indonesien Plantagen-Gesellschaften wie London Sumatra oder Astra Agro Lestari, die Kaffee und Kakao anbauen. Ich werde nach der Korrektur wahrscheinlich in Indonesien investieren, denn dort gibt es Gesellschaften, die unter Buchwert gehandelt werden.

FINANZ€N: Die USA und China liefern sich einen harten Handelskrieg. Besteht die Chance, dass sich Asien emanzipiert?

Faber: Wenn die Asiaten mehr Selbstvertrauen hätten, könnten sie ihre Währung um 30 Prozent gegenüber dem Dollar aufwerten. Die Chinesen könnten den Yuan sogar um 50 Prozent aufwerten, und es würde nicht schaden. In vielen Bereichen ist die chinesische Wirtschaft größer als die amerikanische. So produziert sie mehr Zement, Stahl, Fernseher, Motorräder und Computer. Chinas Unternehmen sind in den letzten zwei, drei Jahren sehr reich geworden. China ist eine Wirtschaftsmacht.

FINANZ€N: Woher soll dann der China- Crash kommen - die Wirtschaftskrise, von der Sie gesprochen haben?

Faber: Durch die Überhitzung, die vor allem bei Kapital-Investitionen bemerkbar ist. Sie steigen jährlich um 30 Prozent und machen bis zu 43 Prozent des Bruttoinlandsprodukts aus. Wenn die Kapitalinvestitionen nicht mehr ansteigen oder rückläufig sind, führt das zu einer Rezession. Die Überhitzung zeigt sich auch im Kreditwachstum und in der Baubranche. Es wäre höchst naiv zu erwarten, dass China nie eine Rezession erlebt. Bereits jetzt verlangsamt sich das Wachstum.

FINANZ€N: Ist die Asien-Story also vorbei?

Faber: Langfristig nicht. Der Westen ist in einer bitteren Situation, weil China, Vietnam, Bangladesh und andere Länder im Produktionsbereich so stark sind. Viele Dienstleistungen können ausgelagert werden. Heute kann ich Architekten, Buchhalter oder Steuerexperten in Indien anstellen. Selbst die deutsche Staatsadministration könnte man auslagern und 80 Prozent der Kosten sparen. Die wichtigste Investmentstrategie ist es, den Westen unterzugewichten und Asien überzugewichten.

FINANZ€N: Ölaktien liefen 2003 schlecht, obwohl der Ölpreis gestiegen ist. Ein Investment für einen Contrarian?

Faber: Nächstes Jahr könnten Ölaktien und Ölförder-Firmen positiv überraschen. Der Ölpreis könnte stark steigen. Wenn man Asien industrialisiert, wird sich der Pro-Kopf-Ölkonsum innerhalb der nächsten sechs bis zehn Jahre verdoppeln. Die Ölindustrie kann aber nicht mehr produzieren. Die Folge: Der Ölpreis wird bestimmt nicht fallen, sondern eher steigen.

FINANZ€N: In welcher Bandbreite sehen Sie den Ölpreis in der Zukunft?

Faber: Zwischen 30 und 100 Dollar. Vielleicht steigt er sogar auf 200 Dollar, falls es in Saudi-Arabien eine Revolution geben sollte. Die Wahrscheinlichkeit, dass es wieder eine Ölkrise gibt, ist sehr groß.

FINANZ€N: Wo sehen Sie als Contrarian sonst noch Potenzial?

Faber: In Kuba könnte das Potenzial langfristig groß sein. Man könnte kubanische Schuldscheindarlehen kaufen, die auf niedrigem Niveau gehandelt werden.

FINANZ€N: Haben Sie noch weitere Empfehlungen fürs kommende Jahr?

Faber: Ich tue mich schwer mit Empfehlungen, da kurzfristig ein großes Rückschlagpotenzial besteht. Ich selbst bin in der Gold- und Kupfermine Ivanhoe Mines, die in der Mongolei schürft, investiert. Und ich schätze die pharmazeutische Industrie in Indien und Indonesien, darunter Firmen wie Dr. Reddy, Ranbaxy und Enseval Putera.

Press Release Source: Ivanhoe Mines Ltd.


Comprehensive scoping study of development options for Ivanhoe Mines` copper gold project in Mongolia due in early February
Tuesday January 20, 8:00 am ET


ULAANBAATAR, MONGOLIA, Jan. 20 /CNW/ - Robert Friedland, Chairman of Ivanhoe Mines, said today that a comprehensive study of the planned development of the company`s Oyu Tolgoi (Turquoise Hill) copper and gold project in Mongolia is scheduled to be released in early February.
The independent Preliminary Assessment Report, or Scoping Study, is being prepared by an integrated engineering team from consulting firms AMEC E&C Services, of Canada, and Ausenco International, the Mining Group of GRD Minproc and SRK Consultants, all of Australia.

The study period was extended last month to allow the team to complete its evaluation of the various mining options available for the development of the Oyu Tolgoi Project. GRD Minproc has suggested that the Hugo South copper and gold deposit may be optimized by open-pit mining methods and the possibility now has been extensively reviewed with senior Ivanhoe executives. An open-pit option, as an alternative to underground bulk mining, could significantly shorten the time required to achieve optimum production at Hugo South, enhance the project`s overall economics and ultimately facilitate the extraction of a larger percentage of the copper and gold resource at Hugo South.

Ivanhoe`s new president, John Macken, who assumed the senior executive post this month, is assisting with the completion of the scoping study. Mr. Macken joined Ivanhoe after a 19-year career with Freeport McMoran Copper and Gold, most recently as Freeport`s Senior Vice-President of Strategic Planning and Development, based in New Orleans. He previously spent a total of 13 years with Freeport`s operating unit, P.T. Freeport Indonesia, culminating in the position of Executive Vice-President and General Manager at Freeport`s Grasberg mining complex in Papua, the world`s largest single copper and gold mine. Between 1996 and 1998, Mr. Macken headed an expansion valued at almost $1 billion at the Grasberg open pit and underground mining complex in a joint venture between Freeport and Rio Tinto, of London, which is Freeport`s largest shareholder.

Income Tax Rate Lowered in Mongolia

Mr. Friedland and Mr. Macken welcomed the significant positive implications for the international mining industry`s growing involvement in Mongolia stemming from the Mongolian government`s decision to reduce the general corporate income tax rate and maximum personal tax rate to 30% from the previous level of 40%. The new rates became effective on January 1 this year. Major capital investments, such as the Oyu Tolgoi project, are eligible for additional tax relief under Mongolian law. Ivanhoe will pursue discussions regarding a long-term stability agreement with the Mongolian government next month after submitting a study of the development of Oyu Tolgoi that will be based on the forthcoming scoping study.

"While mineral discoveries are the key to expanding Mongolia`s appeal to exploration companies, the country`s mining, tax and commercial laws have a significant role in determining whether investors can expect such discoveries to be developed and mined at a profit," Mr. Friedland said. "The reduction in the income tax rate to 30% is a progressive step."

Ivanhoe Mines is sole owner of the Oyu Tolgoi copper/gold project in Mongolia`s South Gobi region. Drilling to November, 2003, was independently confirmed to have delineated inferred resources for the project, at a cut-off grade of 0.60% copper equivalent, of 1.28 billion tonnes grading 1.13% copper and 0.24 g/t gold, containing approximately 14.6 million tonnes (30.1 billion pounds) of copper and 9.74 million ounces of gold. The project also contains an additional indicated resource of 267 million tonnes grading 0.53% copper and 0.86 g/t gold, containing approximately 1.42 million tonnes (3.1 billion pounds) of copper and 7.35 million ounces of gold, at the 0.60% copper equivalent cut-off grade. Details of the independent resource estimate prepared by AMEC of Canada are in the company`s November 11, 2003, news release at www.ivanhoemines.com.

Ivanhoe also holds or controls exploration rights covering approximately 111,000 square kilometres in central and southern Mongolia, where additional copper and gold discoveries have been made. Ivanhoe produces LME Grade A copper from its Monywa joint venture in Myanmar and iron ore products from ABM Mining`s Savage River mine in Australia.

Ivanhoe shares are listed on the Toronto and Australian stock exchanges under the symbol IVN. The shares also are listed on NASDAQ under the symbol HUGO

Guten Tag

Ivanhoe Energy downgraded by Jefferies & Co - Briefing.com

Ich bin mit dem Rest erstmal draussen.

Good luck

sowhat

MarketWatch.com`s Calandra Resigns Amid SEC Trading Probe

By TSC Staff
01/22/2004 03:35 PM EST


MarketWatch.com (MKTW:Nasdaq - commentary - research) said the Securities and Exchange Commission is investigating the trading activities of controversial columnist Thom Calandra, and that Calandra has resigned.

The online business news Web site said it began its own probe into Calandra`s trading activities one day learning of the SEC investigation, which began in December. As a columnist, Calandra -- who won a devoted following on the financial news Web site with prescient calls on the gold and other metals -- was allowed to own individual stocks as long as he disclosed his holdings to readers.


"While we have made a very clear distinction that Thom provides commentary and opinion in his newsletter and does not report business news, Thom was required to abide by our internal trading policies and fully disclose his activities to his readers and subscribers," the company said in a statement. "We have a responsibility to our readers and subscribers to cooperate with the SEC in its determination of whether or not Thom violated these policies."

A company representative wasn`t immediately available.

Eyebrows were raised last month when Barron`s reported that Calandra had traveled to China and Mongolia at the expense of Ivanhoe Energy (IVAN:NASDAQ - commentary - research), a tiny Canadian oil stock whose shares went from 32 cents a year ago to the low-$7 range in November. Calandra`s columns on the stock, in which he acknowledged an ownership stake, contributed to its rally, which has recently tailed off.

Calandra, who couldn`t immediately be reached, is quoted on the MarketWatch Web site saying: "I`ve worked hard for the past eight years helping to build MarketWatch and for the last year I`ve worked hard creating The Calandra Report. While it`s been tremendously rewarding professionally, it has also been stressful. And the SEC`s informal inquiry adds to this stress. So I`ve decided to take this time off to focus on my family, whom I adore. I look forward to the conclusion of the SEC`s inquiry."

MarketWatch shares were recently down $1.44, or 13.7%, to $9.49. The company said it, too, has received an informal request for documents related to the Calandra probe, a request with which it is cooperating

Das hat der Calendra aber immer laut gesagt. Es stand immer drunter, daß er IVAN-Aktien hat und auch, daß sie ihm ne Reise in die Mongolei gesponsort haben.

Nabend,

kann ich nicht beurteilen, da ich den Report nicht gelesen habe. Die SEC würde aber nicht ermitteln, wenn es ganz klar wäre, oder?

Good luck

sowhat

Huch, was ist denn heute passiert? Minus 25%? Neue Bohrergebnisse? Weiß jemand schon was Genaueres?
Ganz schön nervenaufreibend, diese Explorer...

Shares of Ivanhoe Mines Ltd. lost more than 23 percent after the company issued an update on its Oyu Tolgoi project in southern Mongolia. The company said an independent scoping study "confirms the potential" of the project "to become a new, long-life copper and gold producer that could rank among the largest in the world." Ivanhoe noted, however, that roughly 78 percent of resources used in the base case for the study were classified as `inferred,` which means they have "not yet been sufficiently drilled to have economic considerations applied to them to enable them to be categorized as reserves."


Das war es dann wohl. Threadende.

Hier läßt sich schön sehen, welch unangenehme Überraschungen
eine Bewertungsstudie bringen kann. Erst sah alles so toll aus.

Analysts slash stock price targets for Ivanhoe Mines

Move follows scoping study `shock`

By WENDY STUECK
MINING REPORTER
Wednesday, February 4, 2004

VANCOUVER -- Several analysts slashed price targets for Vancouver-based Ivanhoe Mines Ltd. yesterday after mulling a scoping study, which they said indicated that while Ivanhoe`s Oyu Tolgoi is a viable mining project, it may be far more costly to build and less profitable than previously expected.

Ivanhoe shares, which skidded 24 per cent on Monday after the long-awaited scoping study was released, yesterday rose by 31 cents or 4.2 per cent to close at $7.71 on the Toronto Stock Exchange.

The company`s shares gained 215 per cent last year. Ivanhoe, headed by promoter and financier Robert Friedland, owns the Oyu Tolgoi copper-gold deposit in Mongolia and after three years of exploring the region, is moving the project closer to development.

In a report headlined "Scoping Study Shock!" London-based CIBC World Markets analyst Jack Jones said net present value estimates in the scoping study, released Monday, were "well below expectations" and capital costs were much higher than expected.

The net present value -- the present value of a project`s future net cash flows less the initial investment -- set out in the scoping study was a "major surprise and fully justified [Monday`s] 25-per-cent share price fall," Mr. Jones said.

At a 10-per-cent discount rate and based on copper prices of 90 cents (U.S.) a pound, Ivanhoe`s independent consultants calculated a NPV for Oyu Tolgoi of $850-million or $4.20 (Canadian) a share, Mr. Jones said, below his previous NPV estimate of $1.9-billion (U.S.) or $9.40 (Canadian) a share.

"We had warned of the risk of a dose of development reality from the scoping study but never expected this," the analyst said.

While the NPV analysis was disappointing, Mr. Jones said, the study indicates Oyu Tolgoi is a viable mining project with internal rates of return of about 20 per cent.

Mr. Jones maintained his "sector outperformer" rating on the stock, and said the rapid decline in Ivanhoe`s market capitalization could make it more appealing to big mining companies.

Mr. Friedland has repeatedly said Ivanhoe will not sell Oyu Tolgoi, but he has left the door open for a potential minority partner.

A scoping study is an early step in mine development and aims to outline various project scenarios and costs based on exploration results up to the date of the study.

The firms that conducted the scoping study said there are "potential upside opportunities" as work continues on the site, including upgrading resources from early-stage estimates based on limited drilling results to more reliable "measured" and "indicated" categories.

Griffiths McBurney analyst Larry Strauss maintained his "buy" recommendation on Ivanhoe shares, but cut his 12-month target to $11 from $17.50.

In a report yesterday, Mr. Strauss said NPVs outlined in the scoping study were "well below" his estimates.

Mr. Strauss said his calculations had anticipated the mining of more tonnes at higher grades and been built around expectations that higher grades would be accessed earlier in the 30-year mine life than outlined in the study.

UBS Investment Research analyst Tony Lesiak cut his price target to $11.50 from $17 but retained his "buy" recommendation on the shares.
http://www.thebulliondesk.com/NewsProvider.aspx?NewsID=29692…

Ivanhoe´s Oyu Tolgoi wird immer mehr zum Lehrstück über stark promotete Aktien, die mit der Wirklichkeit nicht übereinstimmen.

Aus:
Major questions remain to be answered over the Real Economic Potential of
IVANHOE`s Turquoise Hill copper - (gold) prospect in Mongolia
by
Nigel H Maund
BSc (Hons) Lond, MSc, DIC, MBA, MIMMM, SEG
Consultant Economic Geologist

Investor Summary

...

Introduction


During every precious metals bull market there are always some junior gold exploration companies that rise to the attention of investors and become memorable in their own right. If they are lucky, it is because they have made a startling discovery like Diamond Fields Inc.`s famous Voisey`s Bay nickel discovery in Labrador, Canada or the buried Bronzewing - Yandal gold deposit in Western Australia. Such discoveries stun the major companies and take the market by storm. The intelligent directors of such a lucky junior capitalize on the moment and stage a bidding war between the major mining houses and sell out to the highest bidder for a fortune, thus legitimately mining the market and not the deposits. In this case, the investors are hugely rewarded and the market rejoices.

And so it is in the current Gold Bull Market (albeit to date a US$ denominated bull), where IVANHOE MINES has stolen the limelight with its OYU TOLGOI (Turquoise Hill) Porphyry copper - gold prospect in remote southern Mongolia. Mr.Friedland, the charismatic entrepreneur, deal maker and promoter who skillfully played INCO and Falconbridge Nickel off against each other during the Voisey`s Bay bidding war, to his massive enrichment, is once again center stage getting set for another market coup. However, not many mineral prospects turn out to be a Voisey`s Bay or Grasberg. These are real world-class deposits in both tonnage and grade. Even a relative "rookie" minerals geologist would realize that Turquoise Hill is no Grasberg. Investors should be especially wary of any claims made by junior mining companies who purport to have discovered "a world class deposit" without this being validated by a recognized firm of independent Mining Consultants such as Pincock Allen & Holt, RSG Global, SRK, Mackay & Schnellmann or Watt Griffiths McOuat etc. The claims may be true. However, the facts need to be very carefully dissected. Fools rush in etcetera. Major mining companies are generally cautious before advising the market of a major discovery. Quite rightly, they wish to carefully establish the facts before alerting the market. The damage to shareholder confidence in giving out a "wrong call" makes all CEO`s of major companies very wary. Therefore, one has to wonder why Mr. Friedland continues to compare Turquoise Hill with GRASBERG when the evidence his company has published to date just does not stack up?? It is worth bearing in mind that all GRASBERG`s operating costs are carried by gold alone, the copper is virtually pure profit. The interested reader is referred to FREEPORT MCMORAN`S website for detailed information on the GRASBERG - ERZBERG deposit.

Mr. Robert Friedland


One cannot discuss IVANHOE MINES without reference to its "larger than life" and famous Chairman, Mr. Robert Friedland, who appears to exert a towering influence over his company and financial backers.

There are few people in the economic geologic fraternity, or the mining investment community generally, who have not heard of "Bob Friedland" and his key role in the Voisey`s Bay nickel deal with INCO, and similar role in the Fort Knox gold deposit in Alaska. In both these deals Bob made a fortune both for himself and investors, and in doing so became the "darling of the markets". However, Bob would appear to have a flip side. Readers are referred to Nathan Vardi`s now famous and controversial article about Mr. Friedland in America`s FORBES Magazine, dated November 11th, 2003. This article is entirely self-explanatory and is recommended reading for those wishing to follow this "mining magnate" and his companies.

Mr. Friedland has scarcely missed a gold investment or mining / gold exploration conference in which he becomes "the star attraction", always ensuring that he is the last speaker, and using each and every opportunity to promote IVANHOE`s Oyu Tolgoi (Turquoise Hill) copper - gold project and IVANHOE`s vast exploration ground holding in Mongolia, which is marketed as one of the last great mineralized frontier states. However, Mr. Friedland has on several occasions drawn comparisons between the size and potential of Turquoise Hill and FREEPORT McMoRAN`s huge GRASBERG - ERZBERG porphyry copper - gold operation in West Irian, Indonesia. It should be appreciated by readers that GRASBERG - ERZBERG is the largest open pit - underground bulk mining gold - copper project on earth, and is the world`s largest gold producer (2.5 million ounces per annum). The project still contains reserves of 63 million ounces of gold as well as one of the largest copper resources on the planet. Currently, GRASBERG - ERZBERG simply has no geologic equal. Therefore, for Mr. Friedland to draw this comparison he is making "one hell of a statement" to put it mildly. Is he right?? or being optimistic, to say the very least. This review examines the facts in the public arena in their technical context and implications for Mr. Friedland`s claims.

Oyu Tolgoi ("TURQUOISE HILL") Porphyry Copper - Gold Prospect


The Turquoise Hill porphyry copper - gold project is located in Southern Mongolia just 80 km from the border with China and some 550 km south of the Mongolian capital Ulanbataar. At site there is no infrastructure other than access dirt tracks across the desert and an airstrip.

Assuming the plan is to export the copper concentrates from the project to China, there will be a need to construct at least 360 km of railway track to link the prospective mine to the Trans Mongolia railway line that links Mongolia to China and Russia. To justify such an undertaking IVANHOE is going to have to have a major project for which the economics truly "stack up". This means it has to have recoverable proven reserves at the upper end or the ore deposit spectrum. In simple terms it may have to be another GRASBERG to meet such economic criteria. A marginal or average grade deposit will not meet project financial thresholds and provide a sufficiently fast payback period to justify the vast outlay required, unless it is world class deposit in terms of both tonnage and grade, and is near surface with a low to at most moderate open pit stripping ratio. So maybe world class mining company BHP`s former (now deceased) world respected Vice President of Exploration, Hugo Dummett, was not wrong to walk away from the prospect after all.

Readers are referred to IVANHOE`s website www.ivanhoemines.com, which has excellent colored sections and maps of the project, plus a superb portfolio of photographs. These are a good reference source for the following discussion. However, the investor would be wise to remember that impressions and clever marketing created through slick presentations are no substitute for the bare technical facts and hard economic realities. The former is all well and good so long as the latter stack up. Some companies have consciously set out to create what is known as a staged act, or, more colloquially, as "smoke and mirrors" to lure even the supposedly alert brokers and insider financiers to dance to their tune. Sadly, even experienced Economic Geologists get sucked in to a well-orchestrated and technically convincing act.

Turquoise Hill is without doubt the jewel in IVANHOE`s portfolio of mines and exploration projects. Furthermore, in any valuation of the assets of the company it would account for the lion`s share of the perceived value by the market. Hence this appraisal of IVANHOE`s value has focused on this project. If Turquoise Hill is not a major asset in terms of its perceived potential, then IVANHOE could be seriously overvalued as a company.

The following information is a direct quote from IVANHOE`s latest quarterly report:

"Highlights of the exploration drilling results at Turquoise Hill to November 10, 2003:


The total inferred resources at a cut-off grade of 0.60% copper equivalent for all four deposits on the Turquoise Hill property have been increased to 1.28 billion tonnes grading 1.13% copper and 0.24 g/t gold. Based on drilling to this point in time, AMEC estimates that the property contains an inferred resource of approximately 14.6 million tonnes (30.1 billion pounds) of copper and 9.74 million ounces of gold --- an increase of 39% in the amount of copper and an increase of 61% in the amount of gold since the previous estimate was issued on August 25.

There also is an additional indicated resource in the Southwest Oyu deposit of 267 million tonnes grading 0.53% copper and 0.86 g/t gold, containing approximately 1.42 million tonnes (3.1 billion pounds) of copper and 7.35 million ounces of gold, at the 0.60% copper equivalent cut-off grade. The resources in the indicated category are approximately the same as were reported in the August estimate, as the company has conducted only a minimal amount of drilling into the Southwest Deposit since February, 2003.

At a lower cut-off grade of 0.30% copper equivalent, AMEC estimates that the entire Turquoise Hill project contains an inferred resource of 2.60 billion tonnes grading 0.73% copper and 0.17 g/t gold, containing approximately 19.1 million tonnes (42.2 billion pounds) of copper and 14.4 million ounces of gold. This represents an increase of 26% in the amount of copper and a 42% increase in the amount of gold since August. At the 0.30% cutoff, the project also contains an additional indicated resource of 509 million tonnes grading 0.40% copper and 0.59 g/t gold, containing 2.06 million tonnes (4.5 billion pounds) of copper and 9.69 million ounces of gold.
The resource base remains open for very significant expansion as Ivanhoe`s drilling program continues to intersect wide intervals of primary gold and copper mineralization, expanding the size of the overall deposit well beyond the boundaries defined by the current resource estimate.

An independent scoping study is underway to evaluate options for the development of a commercial mining operation at Oyu Tolgoi. The study, evaluating the potential for the development of the project by surface and underground mining, is being conducted by an alliance of AMEC, Ausenco Limited, GRD Minproc and SRK Consultants. The scoping study will form the basis for a pre-feasibility study that will establish the viability of a commercial mining operation at Oyu Tolgoi and determine a range of capital and operating costs."

There are several points for the Investor to note here:

In all cases, and despite a huge amount of diamond core drilling, in no instance does the reader see any evidence of a drill indicated measured reserve or even an inferred reserve.Indeed, the report is long on "inferred (and indicated) resources" (highlighted by the writer), which in economic terms are interesting but do not form the basis of a mining project.

The overall grade of the mineralization, given that most of it is probably too deep to mined by large scale open pit mining, is typically too low to be economic at present metal prices. Therefore, any actual ore reserve will have to be more selective and mine substantially higher grades to finance project payback on a major capital investment. This will inevitably result in a major reduction in tonnage and, therefore, of the resource.

The gold grades are notably low indicating that whilst gold is significant, Turquoise Hill is essentially a copper project.

The use of what is ephemistically referred to as "an alliance of Consultants" is rather odd. Why so many? Surely one firm of consultants could handle the project? The writer has flagged this up as very strange indeed. At first sight it seems like hefty overkill, and would lead to some interesting interaction between the various consultants and IVANHOE geologic staff. One wonders whether all these consultants are doing different things and why? In any case, a Preliminary Assessment has been released and the interested reader is referred to the latest press statement on IVANHOE`s website: http://www.ivanhoe-mines.com

Conclusion


Given all of the foregoing, the very best that can be said for Turquoise Hill is that it is still a prospect, and far from being a mining project. Until such time as IVANHOE defines a mineable reserve the resource figures do not mean very much. They are nothing more than big figures - interesting, but that is all.

For the gold mining investor, there are many better opportunities comprising companies which have mining projects under construction, or defined gold ore reserves with good project economics currently chasing financing, or companies with a good portfolio of producing mines. Whilst these gold-focused mining projects and mines do not sound so grand, they at least promise a return to the investors within a few years. Furthermore, because they are much smaller, they are also much more manageable and can be quickly brought on stream or are already producing to take advantage of current gold prices. Turquoise Hill may never be developed at all. Even if it is, this gold boom will all be over by the time it comes on stream and the Tech stocks may be back in favour!
http://www.clivemaund.com/nigel_ivanhoe.php

Alles gut und schön und richtig (danke für die Mühe des Reinstellens!)...aber aus welchem Grund berappelt sich die Aktie wieder? Steckt hinter dem ganzen Kanonendonner nicht nur eine konzertierte Aktion, um den stockprice vorübergehend zu senken? Reichlich undurchschaubar...ich bleib auf meinen paar k`s jedenfalls erst mal sitzen und warte ab...

#17 and so do i

Ivanhoe Mines Ltd. Quick Quote: IVN 6.66 (+0.09)

Barrick Gold Confirms Oyu Tolgoi Review Completed
7/12/04

TORONTO, ONTARIO, Jul 12, 2004 (CCNMatthews via COMTEX) --
All amounts in United States dollars

Barrick Gold Corporation confirms it has completed its review of the Oyu Tolgoi project and informed Ivanhoe Mines Ltd. last Friday afternoon that while it appears to be a significant copper gold property, it does not fit with Barrick`s investment objectives.

Barrick participated in a process with Ivanhoe Mines concerning a potential investment in the Oyu Tolgoi property due to its interest in Mongolia and because of the potential for a significant gold bearing property. Barrick concluded that the relative percentage of gold in the deposit was not sufficient enough to justify a large capital investment by Barrick.

Barrick enjoyed working with the Ivanhoe Mines` team and were given open access to information for the purpose of conducting its work.

Barrick Gold Corporation is building new low-cost, long-life mines in highly prospective gold mining districts around the globe. It has the lowest total cash costs among major gold producers, a proven exploration track record and the industry`s only A-rated balance sheet with no net debt. Barrick`s shares are traded under the ticker symbol ABX on the Toronto, New York, London and Swiss stock exchanges and the Paris Bourse.

Barrick Gold Corporation Vincent Borg Vice President, Corporate Communications (416) 307-7477 (416) 861-1509 (FAX) media@barrick.com

GOLDINVEST-Kolumne: Kohle für Chinas Industrie

Quelle: Finanzen.net, 14. Dezember 2004

Die Erfolgsgeschichte des kanadischen Bergbaukonzerns Ivanhoe Mines geht immer weiter. Nach riesigen Kupfer- und Goldvorkommen sehen die Geologen nach ersten Erkenntnissen auch umfangreiche Kohlevorkommen in den mongolischen Explorationsgebieten des Unternehmens.

Der Explorer Ivanhoe steigt nun auch in das Kohlegeschäft ein. Mit fünf Bohrungen konnten die Kanadier rund um - bald Bergbau-Legende - Robert Friedland große Vorkommen auf ihren Ländereien im Bereich der Nariin Sukhait-Mine bestätigen. In der Nähe bauen bereits Chinesen erfolgreich Kohle ab und fahren sie in das nur zirka 50 Kilometer entfernte China. Dort - vor allem in der zirka 500 Kilometer entfernten Jiuquan Industrie-Stadt besteht ein riesiger Bedarf an Eisenerz und Kohle aufgrund hoher Kapazitäten in der Stahlindustrie. Die Chinesen haben bereits begonnen eine Eisenbahntrasse zu der Nariin Sukhait-Kohlemine zu bauen.

Sollte sich daher bei weiteren Bohrungen die wirtschaftliche Abbaubarkeit der Kohlevorkommen für Ivanhoe herausstellen, wäre dies ein weiterer Impuls für die Explorationsaktie. Da die Lagerstätten nur bis zu 150 Meter unter der Grasnabe verlaufen und bis zu 90 Meter dick sind, sollte eine günstige Förderung möglich sein. Um so mehr, wenn die Transporte über die neue Eisenbahn vonstatten gehen könnten.

Robert Friedland dürfte nun vor allem drei Möglichkeiten prüfen, falls der Abbau Sinn macht:

1. So schnell wie möglich eine Mine in Produktion bringen und mit dem Cash-Flow den Aufbau seiner Kupfer- und Goldproduktion beim Herzstück des Ivanhoe-Konzerns, des Oyu Tolgoi-Projekts, voranzutreiben.

Oder

2. Ein eigenständiges Kohleunternehmen zu gründen, es an die Börse
bringen und die Altaktionäre mit Aktien beglücken.

Oder

3. Friedland sucht sich einen starken Partner aus dem Lager der Kohleproduzenten. Von Rio Tinto über BHP Billiton bis Xstrata oder auch kleinere Australier sowie Chinesen würden sich wohl viele Konzerne die Finger lecken, könnten sie sich größere Kohlevorkommen in der Mongolei sichern.

Insgesamt gibt es auf den Ivanhoe-Explorationsgebieten drei bisher definierte Kohlevorkommen, so dass die zweite und dritte Lösung durchaus Charme besäßen.

Allein die neue Kohlephantasie könnte Anleger veranlassen weiter in die doch noch sehr spekulative Ivanhoe-Aktie zu investieren. Doch es gibt weitere Argumente:

Vor zwei Wochen fanden die Ivanhoe-Geologen rund 140 Kilometer von Oyu Tolgoi entfernt ein weiteres großes Gold- und Kupfer-Lager. Die Ausmaße der Ivanhoe-Erfolge erinnern zwar langsam an die unrühmliche Bre-X-Geschichte, als die Konzernbosse von Bre-X auf indonesischen Ländereien riesige Goldvorkommen vorgaukelten. Doch bei Ivanhoe sollte es doch seriös zugehen. Dafür stehen zum einen deutlich verbesserte Überwachungen von Explorationsergebnissen - und zum anderen Robert Friedland selbst, der wohl mehr zu verlieren als zu gewinnen hätte.

Das große Oyu Tolgoi-Vorkommen wird nach heutigem Wissen auf zirka 50 Milliarden Wert an Kupfer und Gold geschätzt. Sollten sich diese Vorkommen durch weitere Exploration bestätigen, wäre Ivanhoe mit einer Marktkapitalisierung von rund 1,5 Mrd. Euro wohl noch relativ günstig zu haben. Auch wenn dort der Aufbau einer Produktion etwa 1 Mrd. Euro verschlingen würde.

New upside in Mongolia

* Induced polarization shows encouraging results at Hugo North:
IVN`s induced polarization survey indicates that the Hugo North anomaly
extends for 4km in the N-NE direction onto the IVN-Entree Gold joint venture
property. IVN plans to drill test the anomaly. Previous drilling indicates
that grades are improving as drilling has proceeded northwards towards the
property boundary.

* Additional IP anomalies found:
The anomaly is 350m wide at the northern end of the Oyu Tolgoi property and
narrows to 150m, 500m north of the boundary. The top of the anomaly is
800m below surface for the first 400m north of the boundary. The depth
continues to gradually increase moving northwards. Additionally, other
anomalies have been identified.

* IVN confirms presence of coal:
IVN has drilled five holes which confirm the presence of a metallurgical
coal seam on an IVN property 40km north of the Mongolia-China border. The
seam has an average width of 60m and appears to be a continuation of an
economic seam mined by a Chinese-Mongolian JV.

* Valuation: Target price maintained at C$12.75/sh:
We are maintaining our target price at C$12.75/sh. We retain our Buy-2
rating.


Newsflow in upcoming weeks could add as potential catalyst for Ivanhoe Mining`s share price


More drilling to follow"

" the market has provided little value for Ivanhoe`s coal potential

Based on the success of the preliminary drilling, IVN plans to begin a more
extensive drilling program in order to identify one or more coal deposits
suitable for safe and low-cost open-pit mining. The company also stated that
is considering the formation of a stand-alone coal company.

New gold-copper porphyry region in Mongolia

Ivanhoe Mines discovers new gold-copper porphyry in Southern Mongolia

Ivanhoe also announced the discovery of a new gold-copper porphyry district,
the Bronze Fox district in Southern Mongolia. The region is 140km northeast
of Oyu Tolgoi and 430 km south-southeast of Ulaanbaatar. The district
contains four mineralized targets within a 14km corridor: Bronze Fox, East
Fox, West Fox and Tourmaline Hills. To date, Ivanhoe has conducted surface
mapping, geophysics and rock chip sampling in the area. The results to date,
though very early stage, are promising. Approximately 5700 chip samples have
been taken and have returned average grades of 0.51g/t gold and 0.37% copper
at Bronze Fox (2862 samples), 0.94g/t gold and 0.28% copper at East Fox (1831
samples), 3.08g/t gold and 0.07% copper at West Fox (266 samples) and 0.59g/t
gold and 0.23% copper at Tourmaline Hills (742 samples). Ivanhoe plans to
conduct an Induced Polarization survey in the spring of 2005 which they will
use to determine drill targets. The company indicated they will begin an
estimated 5000m drilling program shortly after drill targets are determined.

Several announcements expected in the coming weeks

Ivanhoe announced on their conference call on December 9, 2004 that they
anticipate the Mongolian Stability Agreement may be forthcoming in late
January or early February. The company also indicated that in the forthcoming
weeks they would be issuing press releases discussing the types of companies
that they have been in talks with respect to financing the Oyu Tolgoi project
and potentially a coal subsidiary. Ivanhoe also announced they will be adding
4 more drill rigs to the Hugo North drilling program in the new year. Ivanhoe
also stated that they are in negotiations to be part of a large consortium to
develop Tavan Tolgoi.

@all

Die Konsolidierung von Ivanhoe scheint beendet. Sie ist über 5,.30€ ausgebrochen. Heute 6,04 FRA. Ob Friedmann die Firma wieder zu neuen Höhen führt. Nachdem China eine Bahnlinie gebaut hat, könnte Ivanhoe ganz gut sein Eisenerz damit nach China transportieren. Es sind ja wohl nur 50 km zur Grenze im Norden Chinas.

Ha, ist wohl keiner in Ivanhoe Mines investiert? Oder doch?
Heute ist sie bei 6,85 in FRA. Hatte wohl großen Dusel, mit meinem Einstieg letzte Woche. Ca. 20% plus. Geht ja wohl nicht so weiter, aber Freude kommt trotzdem auf auch wenn die Resonanz hier im Board fehlt. Freue ich mich eben alleine. Ist wohl auch lukrativer!!!!!!!!!

http://www.resourceinvestor.com/pebble.asp?relid=8494

16.03.2005 00:35
Ivanhoe Mines Delivers ASX Preliminary Final Report

SYDNEY, AUSTRALIA, March 15 /PRNewswire-FirstCall/ -- Ivanhoe Mines (Nachrichten) announced today that it has delivered its Preliminary Final Report for the year ended December 31, 2004, with the Australian Stock Exchange (ASX) in compliance with ASX listing rules.

This Preliminary Final Report is based on financial statements which are in the process of being audited and as such may be subject to change. Audited annual financial information will only be filed with the Canadian securities administrators and the United States Securities and Exchange Commission, and lodged with the Australian Stock Exchange, on or prior to March 31, 2004.

Information contained in the ASX preliminary final report is provided solely for purposes of compliance with ASX listing rules and does not constitute a filing of annual financial information for the purposes of other applicable securities laws. Readers are cautioned to rely only upon the company`s audited annual financial information as subsequently filed with applicable securities regulators.

Ivanhoe`s shares are listed on the New York, Toronto and Australian stock exchanges under the symbol IVN.

Hallo everybody: UBS hat heute Ivanhoe Mines ein Buy-Rating verpasst.gell!!!?

Kupfer und Gold Wert in Oyu Tolgoi liegt nach letzten Schätzungen bei 100 Milliarden USD.
Ivanhoe Mines ist mit etwa 2,4 Milliarden USD bewertet.
In der Regel werden Metall Explorer mit mindestens 10%, in vielen Fällen 20%, des Metallwertes bewertet.
Rechnet nach..

nachgerechnet, krasse Unterbewertung!!!!!
Zeit um dies abzubauen wäre gekommen.

Friedlands komplette Rede:
http://www.resourceinvestor.com/pebble.asp?relid=8555

Ivanhoe hat sich wohl mit einer japanischen Mine zusammengetan Mitsui der Name fürs Mongolenprojekt. Leider kann ich nicht so viel englisch um hier genau zu übersetzen. Im Resource Investor kann man den Bericht nachlesen. Falls man ihn nicht aufrufen kann, dann über finanznachrichten versuchen. Der Resource Investor läßt eine Copie des Berichts nicht zu.

@Ivanhoe-Fans

Ivanhoe & Mitsui Work Together In Mongolia

Robert Friedland


Ivanhoe Mines Ltd and Mitsui & Co announced yesterday that they have agreed to work together to jointly develop copper/gold and coal projects, and to deliver related transportation, electrical energy and other infrastructure services, in Mongolia`s South Gobi Region.

Robert Friedland, Ivanhoe Chairman and Katsuto Momii, Executive Director and Executive Vice-President of Mitsui & Co. announced their strategic alliance while hosting a reception attended by Mongolia`s national leaders and parliamentarians.

Ivanhoe Mines, who has production, development and exploration projects in the Asia-Pacific region, and Mitsui & Co., one of Japan`s leading companies, intend to play an important role in supporting the Mongolian government`s recently announced South Gobi Development Initiative. The companies` contribution to the initiative will involve the construction of a modern, state-of-the-art electricity generating plant, transmission lines, roads and railways.

The initial focus of the strategic alliance between Ivanhoe and Mitsui will be the integrated development of infrastructure projects in Mongolia`s South Gobi Region to support the development of Ivanhoe`s copper-gold and coal discoveries and other resource initiatives.

"Mitsui, a leading trading house with enormous resources and a long and honourable tradition as one of the pre-eminent business architects of the modern Japanese economy, is an ideal partner to work with Ivanhoe in building a powerful new engine of economic growth in Mongolia`s South Gobi Region," Mr. Friedland said.

"Through its direct investments and business activities around the world, Mitsui is highly respected in the global mining, metals and energy businesses. Mongolia is poised to become a significant contributor to world trade in copper, gold and coal. By working together, we can deliver a new generation of integrated resource assets in a timely, cost-effective and environmentally responsible manner that will ensure maximum benefits for the Mongolian economy and all Mongolians."

Mr Momii said: "We are extremely excited and happy to be involved in the future development of the South Gobi region together with Ivanhoe Mines, a company that has a long-standing presence in Mongolia,"

"It is our strong intention to contribute to Mongolia in the long term and we look forward to working closely with the Mongolian people."

- 01 Apr 2005