Thursday, March 4, 2010

Rio Tinto (LON:RIO) Investing Ivanhoe Mines (NYSE:IVN)

Rio Tinto Investing in Ivanhoe Mines

Now that Ivanhoe Mines (NYSE:IVN) has landed the big deal in Mongolia, Rio Tinto (LON:RIO) has decided to invest in the company to the tune of 15 million shares, making the overall stake in Ivanhoe by Rio Tinto at 22.4 percent.

Per the deal, Rio can now acquire up to 44 percent of Ivanhoe Mines, along with other securities in the future to maintain its equity interest if needed.

This is the result of the Oyu Tolgoi project in Mongolia, considered the largest known gold and copper mine in the world yet to be worked.

Rio Tinto Investing in Ivanhoe Mines

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