The AFR had IVA at $100m loss, but the Annual information ANN says a loss of $475m (p. 17):
"As at 31 December 2012, Ivanhoe Australia had accumulated losses of $475.0 million and available cash reserves of A$45.8 million following the completion of the Entitlement Offer in December 2012 and the repayment of the Working Capital Facility to TRQ. In 2012, the Company generated revenues of A$86.6 million from the sale of production from its Osborne Copper/Gold operations." ________
IVA Australia was just a subsidiary of its parent, Ivanhoe, and now goes it alone. It's been a shaky entry as IVA has had to be economically independent, but IVA is making progress, and more importantly, is making savings. It has a very clean balance sheet, with no debt currently, but will have to get debt to put Merlin into production. The economics of Merlin will get even better with more exploration in Q2, but then, it is a company maker. Q2 and beyond is the time for IVA!
IVA Price at posting:
26.5¢ Sentiment: None Disclosure: Not Held
