August 17, 2010 / 1:42 AM / 7 years ago

Ivanhoe Mines posts loss as exploration costs rise

TORONTO, Aug 16 (Reuters) - Ivanhoe Mines (IVN.TO), which is developing a large Mongolian gold and copper mine, on Monday reported a second-quarter loss of $30 million, or 7 cents a share, up from $24.9 million, also 7 cents a share, in the corresponding quarter of 2009, amid higher exploration costs.

The company expects its Oyu Tolgoi mine to start production in 2013, and it targets annual output of 1.2 billion pounds (544,000 tonnes) of copper and 650,000 ounces of gold for the first 10 years. Full-scale construction started in the second quarter.

Ivanhoe is looking for investors to help it develop the mine after giving itself the right to issue shares to strategic investors other than Rio Tinto (RIO.AX), its main partner at present. It said its cash position was $1.5 billion at the end of the quarter. (Reporting by Janet Guttsman)

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