Ivanhoe Mines has reported a narrower third-quarter loss and said full-scale construction at the Oyu Tolgoi copper and gold mine is progressing ahead of schedule. For the quarter, the company posted a loss of USD24.9 million versus a net loss of USD69.8 million a year ago. The Vancouver-based company reported quarterly revenue of USD6.6 million, mainly from its Ovoot Tolgoi coal mine in southern Mongolia. It expects to begin initial production of copper and gold at Oyu Tolgoi in late 2012. The company said discussions with a group of international financial institutions on a separate debt financing package are progressing and are expected to close in the first half of 2011.
