Ceramic Industry News

Rio Tinto Acquires Additional Shares of Ivanhoe Mines

September 21, 2010
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Rio Tinto recently announced it has acquired 40,083,206 common shares of Ivanhoe Mines, increasing its ownership by 5.3% to 34.9% of Ivanhoe Mines’ outstanding common shares. The common shares were acquired in accordance with the terms of the $350 million convertible credit facility Rio Tinto made available to Ivanhoe Mines Ltd. in 2007, which was fully drawn down by mid-2008 and recently matured. The outstanding principal and accrued interest ($400,832,056) under the credit facility automatically converted on maturity into common shares of Ivanhoe Mines at a price of $10 per share.

Rio Tinto now owns 184,747,856 common shares of Ivanhoe Mines. If the company were to exercise all of its share purchase warrants it would own approximately 267,214,784 common shares of Ivanhoe Mines, representing an interest in Ivanhoe of around 44%.

Pursuant to certain existing contractual arrangements between Rio Tinto and Ivanhoe Mines, Rio Tinto can exercise its remaining share purchase warrants into common shares of Ivanhoe at any time. In addition, Rio Tinto has the right to acquire additional securities so as to maintain its proportional equity interest in Ivanhoe Mines, as well as the right to acquire additional Ivanhoe Mines securities in certain other circumstances and subject to certain limits.

For more information, visit www.riotinto.com.

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