Ivanhoe Mines says it has completed one-third of the first phase of development at the Oyutolgoi mine project. This phase involves removing layers of earth to reveal the open pit.

The company also announced it earned USD 600,000 in the second quarter of this year, compared with a USD 30 million loss in the same quarter last year. Ivanhoe holds 66 percent of the Oyutolgoi project. The company’s largest shareholder, Rio Tinto, is scheduled to give Ivanhoe a USD 1.8 billion loan to finance the Oyutolgoi project. 

Ivanhoe and Rio Tinto are discussing financing with lenders including the European Bank for Reconstruction and Development, the International Financial Corporation, Export Development Canada, BNP Paribas, and the Bank of Standard Chartered.