Singapore's sovereign wealth fund Temasek Holdings has taken up a 5.5% stake in Canada's Ivanhoe Mines valued at roughly $420 million ahead of a $1.8 billion rights offer at the miner. Early Monday Ivanhoe, already down 43% this year shed another 3.8% in value.
British coal miner, Churchill Mining (LON:CHL), and its case against the Indonesia government got a leg up when its two-year legal battle was profiled in the New York Times.
Rio could end up with a much bigger chunk of Ivanhoe come July 19 – 260 million new shares are expected to be issued representing some 35% of Ivanhoe's current outstanding shares.
After having their assets seized without due compensation, the London based Churchill Mining, filed a law suit against the island nation for $1.8 billion.