Renamed Ivanhoe Mines posts US2859million loss in second quarter

VANCOUVER — The company formerly known as Ivanhoe Mines Ltd. had a US$285.9-million net loss in its second quarter as it worked toward getting a massive copper and gold mine in Mongolia into commercial production next year.The loss at Turquoise Hill Resources was equal to 35 cents per share and compared with net income of $600,000 or zero cents per share a year earlier.[np-related]The Vancouver-headquartered company, now majority-owned by Anglo-Australian mining giant Rio Tinto PLC, says the first phase of building the mine was 90 per cent completed by the end of June.It says the final cost of Phase 1 is expected to be US$6.2-billion, which is 3% over the initial budget, excluding the impact of foreign exchange.Ivanhoe Mines adopted the new name Turquoise Hill this month. read more

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