Ivanhoe Australia (IVHOF / IVA.TO) is digging for copper, gold, and other metals in, well, you guessed it, Australia. It's still majority-owned by Turquoise Hill Resources, and you can read my analysis of that company. I like the Ivanhoe Australia management team's breadth of experience in mining, and the CEO is a hot chick (not that it matters, but it's nice to see hot chicks anywhere).
Their Osborne Operation is producing; their Mount Elliott project has MII resources (but with low grades); their Merlin project has the potential to be an important source of rhenium (and has some existing infrastructure); and their Mount Dore project is still in exploration. I would like to see more clarity on 2P reserves.
Their financial statements for September 30, 2012 show $17M cash on hand and net losses of $7.7M/month that quarter. I didn't average that burn rate with their nine-month rate because it is significantly lower than what they burned for the entire nine-month period, representing a qualitative shift in their operations. It remains to be seen whether this reflects an effort to conserve cash for future exploration and infrastructure development. Besides, they have little to worry about because they recently had a very successful capital raise.
I'm not investing in this company because I'm not clear on which of their projects will ultimately be successful enough to drive the company's valuation. I'll wait for more definitive results.
Full disclosure: No position in Ivanhoe Australia at this time.