Rio Tinto Increases Ownership Of Ivanhoe Mines To 22.4%
February 28 2010 - 6:57PM
Dow Jones News
Rio Tinto Plc (RTP) said Monday it has increased its stake in
Ivanhoe Mines Ltd. (IVN.T) by 2.7% to 22.4%, the cost of the
increase was A$244.7 million and is part of Rio's agreed plan to
increase its stake in the Canadian-based company to up to 44%.
Ivanhoe owns the US$4 billion Oyu Tolgoi copper-gold project in
Mongolia, which the pair expect will start in 2013, producing
450,000 metric tons of copper and 330,000 troy ounces of gold a
year.
The shares have been issued to Rio as part of an arrangement to
finance equipment for Oyu Tolgoi.
"Our further investment in Ivanhoe Mines underlines our
confidence in the quality of the world class Oyu Tolgoi deposit and
its priority in our project portfolio," Rio Tinto Copper Chief
Executive Andrew Harding said in a statement.
"We are working with Ivanhoe Mines on finalizing the conditions
precedent for completion of the investment agreement with the
government of Mongolia and are looking forward to moving into the
development phase of the project," Harding said.
Ivanhoe and Rio won a long awaited investment agreement from the
government last year but details are still being worked out.
-By Elisabeth Behrmann, Dow Jones Newswires; 61-2-8272-4689,
elisabeth.behrmann@dowjones.com
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