NEW YORK, Jan. 30 /PRNewswire-FirstCall/ -- The NASDAQ Stock Market, Inc. today announced that Ivanhoe Mines Toronto will dual list on the NASDAQ National Market and the NYSE under the trading symbol IVN. Ivanhoe Mines is the first Canadian company to dual list on NASDAQ and the NYSE. It is the second non-US mining company to dual list since November, 2005.
The stock will begin trading on the NASDAQ National Market on February 6, 2006.
Bruce Aust, Executive Vice President, Head of NASDAQ's Corporate Client Group said, "We are delighted that Ivanhoe Mines has decided to take advantage of our dual listing initiative. With access to a highly transparent and competitive market, Ivanhoe will be able to experience the benefits of NASDAQ's electronic model, and the full range of services that it provides its companies."
Robert Friedland, Chairman of Ivanhoe Mines, said, "Since completing our initial US listing in 2003, we have focused on building and diversifying our shareholder base, while ensuring the orderly development of liquidity in our shares. We are pleased to provide our shareholders with the additional exposure that listing on NASDAQ provides."
Ivanhoe Mines is an international mining company with operations focused in the Asia Pacific region. Its core assets are its 100%-owned Oyu Tolgoi copper and gold project and the Nariin Sukhait coal project in southern Mongolia. In addition, it holds or controls mineral rights covering approximately 135,000 square kilometres in central and southern Mongolia, where coal, copper and gold discoveries are being evaluated. Ivanhoe Mines also is exploring for copper and gold in the Chinese province of Inner Mongolia, and in Australia.
NASDAQ is the largest electronic screen-based equity securities market in the United States. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, materials, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks.
NASDAQ's dual listing initiative was launched in January 2004. Companies that dual list on NASDAQ have to meet the National Market listing standards. Firms listing on NASDAQ as well as the NYSE will trade under the same three- letter symbol on both markets.
There are now eight dual listed companies:
Ivanhoe Mines
Harmony
Apache Corporation
Hewlett-Packard
Walgreens
American Financial Group
Chicago Mercantile Exchange Holdings Inc
Nuveen Investments
For more information about NASDAQ, visit the NASDAQ Web site at http://www.nasdaq.com/ or the NASDAQ Newsroom at http://www.nasdaq.com/newsroom/.
For more information about Ivanhoe Mines, visit the Ivanhoe Mines website at http://www.ivanhoemines.com/.
NASDAQ makes no representation about the financial conditions of any company. Investors should evaluate companies carefully before investing.
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