UPDATE: Bank of America Initiates Buy on Ivanhoe Mines

Bank of America initiates its coverage on Ivanhoe Mines

with a Buy rating as it expects the company to be in a leadership position in copper by 2018. Bank of America notes, "We expect IVN to become one of the world's top 10 copper producers by 2018, with the ramp-up of OT, increasing exposure to our favorite base metal, while positioning the company as one of the lowest-cost copper producers due to OT's significant precious metal production. OT is key to RIO's strategy, but don't expect a premium." IVN closed at $16.56 a share on Friday.