March 24 (Bloomberg) -- Ivanhoe Mines Ltd., developing a copper and gold mine in Mongolia with Rio Tinto Group, said it’s in talks with potential investors for its gold property in Kazakhstan.
Ivanhoe increased its stake in Altynalmas Gold Ltd., which owns 100 percent of the Kyzyl gold project, to 50 percent from 49 percent, the company said today in a statement. The consolidated ownership will allow it to "rapidly complete" a pre-feasibility study for the project, Vancouver-based Ivanhoe said.
"We have retained senior investment-banking advisers and are in detailed discussions with potential strategic investors, including established gold-industry players and sovereign-wealth funds that have expressed keen interest," the company said in the statement. Ivanhoe wants a separate stock exchange listing for Altynalmas "to facilitate participation by a broad base of investors."
Ivanhoe fell 29 cents, or 1.7 percent, to C$16.61 at 4:10 p.m. in Toronto Stock Exchange trading. The shares have increased 7.1 percent this year.