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CUSIP NO. 46579N                 Schedule 13G                     Page 1 of 10

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 2)*

                               IVANHOE MINES LTD.
                               ------------------
                                (Name of Issuer)

                           COMMON SHARES, NO PAR VALUE
                           ---------------------------
                         (Title of Class of Securities)

                                     46579N
                                     ------
                                 (CUSIP Number)

                                31 DECEMBER 2006
                                ----------------
             (Date of Event Which Requires Filing of this Statement)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of SECTION 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).



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CHECK THE APPROPRIATE BOX TO DESIGNATE THE RULE PURSUANT TO WHICH THIS
SCHEDULE IS FILED:

[_] Rule 13d-1(b)
[_] Rule 13d-1(c)
[X] Rule 13d-1(d)
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CUSIP NO. 46579N                  Schedule 13G                     Page 2 of 10

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   1.    NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE
         PERSONS (ENTITIES ONLY)

         Robert Martin Friedland
--------------------------------------------------------------------------------
   2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) N/A

         (a)  [_]
         (b)  [_]

--------------------------------------------------------------------------------
   3.    SEC USE ONLY

--------------------------------------------------------------------------------
   4.    CITIZENSHIP OR PLACE OF ORGANIZATION:  American and Canadian

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   Number of Shares     5.    SOLE VOTING POWER:        101,842,325
   Beneficially Owned   --------------------------------------------------------
   by                   6.    SHARED VOTING POWER:      -0-
   Each Reporting       --------------------------------------------------------
   Person with          7.    SOLE DISPOSITIVE POWER:   101,842,325
                        --------------------------------------------------------
                        8.    SHARED DISPOSITIVE POWER: -0-
--------------------------------------------------------------------------------
   9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:

         101,842,325
--------------------------------------------------------------------------------
   10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES: N/A

--------------------------------------------------------------------------------
   11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9: 27.3%

--------------------------------------------------------------------------------
   12.   TYPE OF REPORTING PERSON:  IN

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CUSIP NO. 46579N                  Schedule 13G                     Page 3 of 10

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   1.    NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE
         PERSONS (ENTITIES ONLY)

         Newstar Holdings SRL
--------------------------------------------------------------------------------
   2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) N/A

   (a)  [_]
   (b)  [_]

--------------------------------------------------------------------------------
   3.    SEC USE ONLY

--------------------------------------------------------------------------------
   4.    CITIZENSHIP OR PLACE OF ORGANIZATION:  Barbados

--------------------------------------------------------------------------------

   Number of Shares     5.    SOLE VOTING POWER:        81,131,524
   Beneficially Owned   --------------------------------------------------------
   by                   6.    SHARED VOTING POWER:      -0-
   Each Reporting       --------------------------------------------------------
   Person with          7.    SOLE DISPOSITIVE POWER:   81,131,524
                        --------------------------------------------------------
                        8.    SHARED DISPOSITIVE POWER: -0-
--------------------------------------------------------------------------------
   9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:

         81,131,524
--------------------------------------------------------------------------------
   10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES: N/A

--------------------------------------------------------------------------------
   11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9: 21.7%

--------------------------------------------------------------------------------
   12.   TYPE OF REPORTING PERSON:  OO

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CUSIP NO. 46579N                  Schedule 13G                     Page 4 of 10

--------------------------------------------------------------------------------
   1.    NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE
         PERSONS (ENTITIES ONLY)

         Newstar Securities SRL
--------------------------------------------------------------------------------
   2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) N/A

         (a)  [_]
         (b)  [_]

--------------------------------------------------------------------------------
   3.    SEC USE ONLY

--------------------------------------------------------------------------------
   4.    CITIZENSHIP OR PLACE OF ORGANIZATION:  Barbados

--------------------------------------------------------------------------------

   Number of Shares     5.    SOLE VOTING POWER:        81,131,524
   Beneficially Owned   --------------------------------------------------------
   by                   6.    SHARED VOTING POWER:      -0-
   Each Reporting       --------------------------------------------------------
   Person with          7.    SOLE DISPOSITIVE POWER:   81,131,524
                        --------------------------------------------------------
                        8.    SHARED DISPOSITIVE POWER: -0-
--------------------------------------------------------------------------------
   9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:

         81,131,524
--------------------------------------------------------------------------------
   10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES: N/A

--------------------------------------------------------------------------------
   11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9: 21.7%

--------------------------------------------------------------------------------
   12.   TYPE OF REPORTING PERSON:  OO

--------------------------------------------------------------------------------



CUSIP NO. 46579N                  Schedule 13G                     Page 5 of 10

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   1.    NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE
         PERSONS (ENTITIES ONLY)

         Australian Bulk Minerals SRL
--------------------------------------------------------------------------------
   2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) N/A

         (a)  [_]
         (b)  [_]

--------------------------------------------------------------------------------
   3.    SEC USE ONLY

--------------------------------------------------------------------------------
   4.    CITIZENSHIP OR PLACE OF ORGANIZATION:  Barbados

--------------------------------------------------------------------------------

   Number of Shares     5.    SOLE VOTING POWER:        50,322,533
   Beneficially Owned   --------------------------------------------------------
   by                   6.    SHARED VOTING POWER:      -0-
   Each Reporting       --------------------------------------------------------
   Person with          7.    SOLE DISPOSITIVE POWER:   50,322,533
                        --------------------------------------------------------
                        8.    SHARED DISPOSITIVE POWER: -0-
--------------------------------------------------------------------------------
   9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:

         50,322,533
--------------------------------------------------------------------------------
   10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES: N/A

--------------------------------------------------------------------------------
   11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9: 13.5%

--------------------------------------------------------------------------------
   12.   TYPE OF REPORTING PERSON:  OO

--------------------------------------------------------------------------------



CUSIP NO. 46579N                  Schedule 13G                     Page 6 of 10

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   1.    NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE
         PERSONS (ENTITIES ONLY)

         Goldamere Holdings SRL
--------------------------------------------------------------------------------
   2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) N/A

         (a)  [_]
         (b)  [_]

--------------------------------------------------------------------------------
   3.    SEC USE ONLY

--------------------------------------------------------------------------------
   4.    CITIZENSHIP OR PLACE OF ORGANIZATION:  Barbados

--------------------------------------------------------------------------------

   Number of Shares     5.    SOLE VOTING POWER:        50,322,533
   Beneficially Owned   --------------------------------------------------------
   by                   6.    SHARED VOTING POWER:      -0-
   Each Reporting       --------------------------------------------------------
   Person with          7.    SOLE DISPOSITIVE POWER:   50,322,533
                        --------------------------------------------------------
                        8.    SHARED DISPOSITIVE POWER: -0-
--------------------------------------------------------------------------------
   9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:

         50,322,533
--------------------------------------------------------------------------------
   10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES: N/A

--------------------------------------------------------------------------------
   11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9: 13.5%

-------------------------------------------------------------------------------
   12.   TYPE OF REPORTING PERSON:  OO

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CUSIP NO. 46579N                  Schedule 13G                     Page 7 of 10


Pursuant  to Rule  13d-2(b)  of  Regulation  13D-G of the  General  Rules  and
Regulations  under  the  Securities  Exchange  Act of 1934,  as  amended,  the
undersigned  are hereby  amending their Schedule 13G Statement  dated December
31, 2003 (the  "Schedule  13G") and as amended on December 31, 2005 to reflect
Newstar Securities'  increased ownership  percentage in ABM. Capitalized terms
used herein have the meanings ascribed to them in the Schedule 13G.

ITEM 1

No changes.

ITEM 2

No changes.

ITEM 3

No changes.

ITEM 4.  OWNERSHIP

     a.  Amount Beneficially Owned:

                  Goldamere   directly   beneficially  owns  an  aggregate  of
         50,322,533 Shares. ABM may be deemed to beneficially own an aggregate
         of 50,322,533  Shares as a result of its voting and dispositive power
         over  50,322,533  Shares   beneficially   owned  by  Goldamere,   its
         wholly-owned   subsidiary.   Newstar  Securities  may  be  deemed  to
         beneficially own an aggregate of 81,131,524 Shares as a result of its
         voting and  dispositive  power over  50,322,533  Shares  beneficially
         owned by ABM, its 91.91%  subsidiary,  in addition to the  30,808,991
         Shares  owned  directly  by it.  Newstar  Holdings  may be  deemed to
         beneficially own an aggregate of 81,131,524 Shares as a result of its
         voting and  dispositive  power over  81,131,524  Shares  beneficially
         owned  by  Newstar  Securities,   its  wholly-owned  subsidiary.  Mr.
         Friedland  may  be  deemed  to  beneficially   own  an  aggregate  of
         101,842,325  Shares as a result of his  voting and  dispositive  over
         81,131,524  Shares  beneficially  owned  by  Newstar  Holdings,   his
         wholly-owned  company,  in addition to the  20,710,801  Shares  owned
         directly by him, 900,000 of which are options exercisable into Shares
         in the next 60 days.

     b.  Percent of class:

                  Mr.   Friedland   may  be   deemed   to   beneficially   own
         approximately  27.3%  of  the  outstanding  Common  Shares.   Newstar
         Holdings and Newstar  Securities  may be deemed to  beneficially  own
         approximately  21.7%  of  the  outstanding  Common  Shares.  ABM  and
         Goldamere may be deemed to beneficially  own  approximately  13.5% of
         the outstanding Common Shares.



CUSIP NO. 46579N                  Schedule 13G                     Page 8 of 10


    c.   Number of shares as to which such person has sole and shared power to
         vote and sole and shared power to dispose:

                  Goldamere  may be deemed to have  sole  power to direct  the
         voting and disposition of the 50,322,533 Shares it beneficially owns.
         ABM may be  deemed  to have  sole  power to  direct  the  voting  and
         disposition of the 50,322,533 Shares beneficially owned by Goldamere,
         its wholly-owned subsidiary. Newstar Securities may be deemed to have
         sole power to direct the voting  and  disposition  of the  50,322,533
         Shares beneficially owned by ABM, its 91.91% subsidiary,  in addition
         to the 30,808,991  Shares owned directly by it. Newstar  Holdings may
         be deemed to have sole power to direct the voting and  disposition of
         the 81,131,524 Shares beneficially owned by Newstar  Securities,  its
         wholly-owned  subsidiary.  Mr.  Friedland  may be deemed to have sole
         power to direct the voting and  disposition of the 81,131,524  Shares
         beneficially owned by Newstar Holdings,  his wholly-owned company, in
         addition to the 20,710,801  Shares owned  directly by him, 900,000 of
         which are options exercisable into Shares in the next 60 days.

ITEM 5.

No changes.

ITEM 6.

No changes.

ITEM 7.

No changes.

ITEM 8.

No changes.

ITEM 9.

No changes.

ITEM 10.

No changes.

                 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]





CUSIP NO. 46579N                  Schedule 13G                     Page 9 of 10


SIGNATURE.

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the  information  set  forth in this  statement  is  true,  complete  and
correct.


Dated as of February 1, 2007


                                          /s/ Robert Martin Friedland
                                          ------------------------------------
                                          Robert Martin Friedland


                                          NEWSTAR HOLDINGS SRL


                                          By:  /s/ Robert Martin Friedland
                                               -------------------------------
                                               Name:  Robert Martin Friedland
                                               Title: President


                                          NEWSTAR SECURITIES SRL


                                          By:  /s/ Robert Martin Friedland
                                               -------------------------------
                                               Name:  Robert Martin Friedland
                                               Title: President


                                          AUSTRALIAN BULK MINERALS SRL


                                          By:  /s/ Robert Martin Friedland
                                               -------------------------------
                                               Name:  Robert Martin Friedland
                                               Title: President


                                          GOLDAMERE HOLDINGS SRL


                                          By:  /s/ Robert Martin Friedland
                                               -------------------------------
                                               Name:  Robert Martin Friedland
                                               Title: President




CUSIP NO. 46579N                  Schedule 13G                     Page 10 of 10


                                EXHIBIT INDEX


Exhibit 99.1.      Joint Filing  Agreement as required by Rule  13d-1(k)(1)
                   under the Securities Exchange Act of 1934, as amended
                   (previously filed as an exhibit to Schedule 13G filed
                   on February 13, 2003).