Ivanhoe CEO exercised options for $10.9-million

Ivanhoe CEO exercised options for $10.9-million

by Wendy Stueck Toronto Globe and Mail

Ivanhoe Mines Ltd. chief executive officer Robert Friedland exercised 1.5 million options for a gain of $10.9-million during 2005. Mr. Friedland did not receive a salary or bonus in any of the last three years. He was granted two million options this year. Of those options, 1.5 million are unvested and become exercisable at various dates over the next two years based in part on meeting development criteria at Ivanhoe's Oyu Tolgoi project. Mr. Friedland owns 31.85 per cent of the company. Oyu Tolgoi is a copper-gold project in Mongolia. IVN (TSX) fell 35 cents to $10.82.