CORRECTED-Ivanhoe says needs funds to advance Congo projects this year

Fri May 16, 2014 7:04am EDT

(Corrects para 1 to say Ivanhoe said it will not be able to advance development without funding by end of second quarter, not that it will be unable to develop the mines; Corrects para 2 to make clear mines are not producing. Changes headline to conform)

May 15 (Reuters) - Canada's Ivanhoe Mines Ltd said it would not be able to advance development of two mines in Democratic Republic of Congo this year unless it gets more funds by the end of the second quarter.

Kamoa is a copper deposit while Kipushi also contains zinc, lead and germanium, Ivanhoe said in its first-quarter earnings release on Thursday.

Ivanhoe's net loss widened to $48.8 million in the quarter ended March 31, from $42.4 million a year earlier. (Reporting by Anannya Pramanick in Bangalore; Editing by Don Sebastian)

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