METALS MOVER: Rio Tinto's Larsen Appointed To Ivanhoe Mines Board

Canada-based Ivanhoe Mines Ltd (IVN.T) said Thursday that Dan Larsen, Rio Tinto's Controller and Global Head of Planning and Reporting, has been appointed to Ivanhoe Mines' Board of Directors.

Larsen replaces Howard Balloch, Canada's former ambassador to China and Mongolia and Ivanhoe board member since 2005. The board replacement reflects Rio Tinto's increased ownership in Ivanhoe.

Rio Tinto increased its stake in the Tronto-listed miner to 46.5% from 42% in late June and now has seven representatives on Ivanhoe Mines' 14-member board.

Rio is allowed to nominate board members in proportion to Rio's shareholding in Ivanhoe provided that it ensures a majority of independent directors on the Ivanhoe's board until January 2014.

Larsen has served as Rio Tinto's Controller and Global Head of Planning and Reporting for the past six years. He is a director of Rio Tinto International Holdings Ltd., which holds Rio Tinto's stake in Ivanhoe Mines. Larsen joined Rio Tinto in 1992 and previously was a senior manager with Ernst & Young's mining practice.

Ivanhoe owns a 66% stake in the massive Mongolian Oyu Tolgoi copper, silver, and gold project, while the Mongolian government owns the remaining 34% stake in the project. Rio Tinto is the project operator and indirect shareholder in the project via Ivanhoe.

-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328; alex.macdonald@dowjones.com

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