T. CALANDRA bets his name on IVNShares of Ivanhoe Mines were added to the Nasdaq stock exchange Nov. 17 under the ticker HUGO. Some analysts, such as Tony Lesiak of UBS Securities Canada Inc., project a 12-month target price of US$13.11 per share.
"We forecast average annual production levels of approximately 1.23 billion pounds of copper and 600,000 ounces of gold for the first 20 years of mine life," Lesiak writes in his initial report. The report estimates a total net asset value for the Ivanhoe Mines of $3.38 billion.
"Robert is building a copper and gold mine in Mongolia that could conceivably alter the entire metals landscape," CBS Marketwatch founding editor Thom Calandra of Sausalito said at the conference. "If you don't see copper and gold ore coming out of Turquoise Hill within the next 12 to 16 months, then my name's not Thom Calandra, and I'm not happily married with two kids."
Calandra, publisher of The Calandra Report and an investor in Ivanhoe Mines, recommended the stock yesterday to investors.
Friedland, said an independent engineering report on the gold and copper ore capacity of Turquoise Hill is due next month.
"It will be a Christmas present to our shareholders," he predicted.
Friedland said he owns 39 percent of Ivanhoe Mines.
Contact Keri Brenner via e-mail at kbrenner@marinij.com
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