Sat, Dec 20, 2014 03:41
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Ivanhoe Mines Appoints Robert B. Holland III To Board

Texas Business reports:    Ivanhoe Mines  named Robert B. Holland III, a Dallas  oil executive and former United States Executive Director of the World Bank to its board of directors.

Holland will serve as a non-executive, independent member of the Ivanhoe board, effective immediately, filling a vacancy created by the retirement of Robert Hanson after more than a decade as a member of the Ivanhoe Mines board.

Holland's nomination to the 14-member Ivanhoe Mines board by Rio Tinto increases the present number of Rio Tinto appointees to four.

Rio Tinto is entitled to nominate a proportionate share of members to the Ivanhoe board, based on Rio Tinto's shareholding in Ivanhoe, under terms of the October 2006 private placement agreement between Rio Tinto and Ivanhoe Mines. Rio Tinto currently owns a 34.9 percent interest in Ivanhoe Mines.

Holland is executive  co-chairman of Max Petroleum PLC, which is conducting oil exploration in Kazakhstan and is listed on the London Stock Exchange. Other current directorships are with Massey Energy Company and Financial Guaranty Insurance Corporation. A former Dallas attorney, he held the U.S. presidential appointment as U.S. executive director of the World Bank between 2002 and 2006, and previously was managing partner of Texas Limited, a Dallas consultancy, and chief executive with international explorer Triton Energy Ltd.

Ivanhoe Mines is an international mining company with operations focused in the Asia Pacific region.

Assets include the company's 66 percent interest in the Oyu Tolgoi copper-gold mine development project in southern Mongolia; its 57 percent interest in Mongolian coal miner SouthGobi Resources, a 62 percent interest in Ivanhoe Australia, a copper-gold-uranium-molybdenum-rhenium exploration and development company; and a 50 percent interest in Altynalmas Gold Ltd., a private company developing the Kyzyl Gold Project in Kazakhstan.