Rio Tinto has taken a majority stake in Ivanhoe Mines Ltd. by purchasing shares that take its interest to 51%.
“Rio Tinto’s move to a majority stake in Ivanhoe further demonstrates our commitment to the safe and successful development of the Oyu Tolgoi mine for the benefit of all stakeholders,” said Andrew Harding, chief executive, Copper for Rio Tinto. “We are approaching a very important phase in the development of the Oyu Tolgoi mine, with 70% of the construction now complete. The leadup to first ore in the second half of 2012 will mark an important milestone in the path toward commercial production of copper concentrate, slated for the first half of 2013.”
Rio Tinto purchased an additional 15.1 million common shares of Ivanhoe, representing 2% of Ivanhoe’s outstanding common shares, from two sellers in a privately negotiated share purchase transaction.
For more information, visit www.riotinto.com