News Releases

IVANHOE MINES AND ANGLO AMERICAN CITE FLAWS IN BLOOMBERG NEWS STORY ABOUT IVANHOE'S OYU TOLGOI PROJECT IN MONGOLIA

October 13, 2004

Statement by Robert Friedland, Chairman of Ivanhoe Mines

The London-based international mining group Anglo American plc has advised Ivanhoe Mines that a recent Bloomberg news story — containing comment about Ivanhoe’s Oyu Tolgoi copper-gold project in Mongolia — was inaccurate.

Ivanhoe’s review of the Bloomberg story, beginning with the inaccurate headline, “Anglo American Says Ivanhoe’s Mongolian Mine May Be Overvalued,” also has concluded that the story was flawed by the inclusion of false and misleading information and the omission of central facts.

The principal news premise of the Bloomberg story was its claim that an Anglo American employee based in the Philippines had expressed personal opinions to Bloomberg about Ivanhoe’s market value. 

However, Ivanhoe has been advised that the Anglo American employee has denied statements attributed to him by Bloomberg, and maintains that his comments were misrepresented in the story. Anglo American has assured Ivanhoe Mines that, contrary to the Bloomberg presentation, the employee was not speaking for Anglo American’s senior management and any opinions the employee may or may not have shared with Bloomberg did not reflect Anglo American’s corporate position.

Bloomberg’s alleged conversation with the geologist, and at least one other person quoted in the story, occurred approximately one month before Bloomberg published its story this week. Throughout that time, Bloomberg did not ask Anglo American’s head office in London for the company’s views of Oyu Tolgoi and did not contact Ivanhoe for comment on this story.

During the past year, Ivanhoe has been approached by numerous international mining companies and other Asia-based companies interested in participating in the financing, construction and operation of Oyu Tolgoi. Approximately 20 companies (including Anglo American) have signed strict confidentiality agreements with Ivanhoe to obtain access to the company’s data and to the Oyu Tolgoi discovery site. Ivanhoe has stated repeatedly that it intends to retain control of the Oyu Tolgoi project. It also is a matter of public record that a number of companies have expressed interest in being involved with the development of Oyu Tolgoi — and omission of this important fact from the Bloomberg story exacerbated its negative and misleading effect. As has been previously stated, the companies that have expressed the keenest interest in joining Ivanhoe in the Oyu Tolgoi project are also the quietest.


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