Ivanhoe Australia Ltd
(ASX:IVA) has come one step closer to acquiring the copper gold operation Osborne Mine asset in north west Queensland.
Ivanhoe says The Foreign Investment Review Board has now approved the acquisition from Barrick Australia Ltd.
The board’s approval is a key condition for the completion of the agreement, which is now expected to be before September 30 this year.
The remaining condition is Ministerial approval for transfer of an exploration permit, which Ivanhoe may elect to waive.
Ivanhoe CEO Peter Reeve says the Osborne acquisition will significantly reduce the capital cost of developing the company’s Merlin mine and elevate Ivanhoe to producer status during 2011.
Ivanhoe Australia reported a loss of $52.23 million for the year ending 30 December 2009.
