Ivanhoe Mines secures bridge loan for Oyu Tolgoi

Vancouver, Canada-based diversified global miner Ivanhoe Mines has announced that it has secured a $1.8 billion bridge loan as a stopgap measure for long-term financing of its Oyu Tolgoi project in Mongolia.
 
According to Ivanhoe's statement, 70 percent of the first phase construction of Oyu Tolgoi has been completed this month. Installation of the two production lines and pre-commissioning works are progressing ahead of plan, with the first production line expected to be completed in mid-July 2012.
 
Ivanhoe Mines also stated that it has cancelled its shareholder rights plan and has cleared the way for Australian miner Rio Tinto's complete takeover of Ivanhoe Mines. Cancellation of the plan requires approval of the company's shareholders.