Responding to media speculation, both Exco Resources Ltd
(ASX:EXS) and Ivanhoe Australia
(ASX:IVA) have denied that they are in discussions in regards to a takeover of Exco from Ivanhoe.
Ivanhoe has a 22.8 per cent stake in Exco and both are north Queensland focused explorers.
However, Ivanhoe says it is not considering an offer and instead remains focused on ensuring all Exco shareholders receive an appropriate return on their investment in Exco.
Exco has also denied the rumours and says it remains focused on the $175 million sale of its Cloncurry copper project in north Queensland to Swiss Mining giant Xstrata.
The asset sale will be put to a shareholders vote at Exco’s annual general meeting next week.
In the half year to 31 December 2010 Exco Resources reported a net profit of $10.9 million.
