TORONTO — Ivanhoe Mines Ltd. has reported rising third-quarter revenue and operating profit and a smaller net loss thanks to solid results from its joint-venture copper mine in Myanmar.
Robert Friedland's Asia-Pacific mining company, which reports in U.S. dollars, said Monday that three-month operating revenue was $29.2-million, compared with $20.6-million a year earlier.
The quarter's operating profit was $7.4-million, up from $2.8-million.
After expensing exploration and development costs, mostly for its Oyu Tolgoi copper-gold project in southern Mongolia, the net loss was $24.8-million, nine cents per share, compared with a year-ago loss of $27-million, 11 cents per share.
Ivanhoe said third-quarter exploration and development spending increased to $28.4-million from $20.8-million.
Ivanhoe's half-share of sales from the Monywa copper venture in Myanmar was $9.8-million, and its share of operating profit was $5.8-million. Cash costs were 45 cents a pound, and the average selling price was $1.27 per pound, while production of 7,849 tonnes was the highest since the project was commissioned in 1998.
6
