Ivanhoe (NYSE:IVN) Ahead of Schedule with Oyu Tolgoi Mine

Ivanhoe Mines (NYSE:IVN) said in its recent quarterly report that construction at its Oyu Tolgoi copper and gold mine in Mongolia is moving along ahead of schedule.

Partners in the massive project are mining giant Rio Tinto (NYSE:RIO) and the Mongolian government.

Once production launches at the site, it will propel Ivanhoe into the top tier of miners in the world.

Production at Oyu Tolgoi is expected to launch in the latter part of 2012.

Ivanhoe at this time generates the majority of its revenue from its Ovoot Tolgoi coal mine in southern Mongolia.

In their last quarter they had a loss of $24.9 million, or five cents a share, improving from the same quarter last year where they lost $69.8 million or 18 cents a share.

Ivanhoe closed Thursday at $25.97, dropping $0.25, or 0.95 percent.