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Ivanhoe Australia plans to cut costs after strategic review

An Ivanhoe mines operation.


After completing a strategic review, Ivanhoe Australia says it will be considering joint venture arrangements for all its projects and will be looking to save up to $74-million in capital expenditure costs over the next two years.

The copper-gold miner which trades on the Toronto Stock Exchange said its review also found $44-million to $46-million of annual operating and overhead costs savings.

Ivanhoe Australia said the savings identified in the review will be implemented over the course of this year.

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The company said it wants to consider joint venture arrangements to improve access to capital and skills, and to manage risk.

It said it will be prioritizing the work program for its Merlin Molybdenum-Rhenium and Mount Elliott Copper-Gold projects.

The company also said it was planning "further redundancies of personnel" over the next two weeks.

Ivanhoe Australia'a largest shareholder is Vancouver-headquartered Turquoise Hill Resources, which was former known as Ivanhoe Mines Ltd.

Turquoise Hill is now majority-owned by Anglo-Australian mining giant Rio Tinto PLC and reported a quarterly net loss of $285.9-million (U.S.) or 35 cents a share Wednesday.

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