Rio Tinto pays Can$73 million for 49% of Ivanhoe Mines

Michael Allan McCrae | September 27, 2011 | 6:13 pm Base Metals Precious Metals Asia Australia China Europe Copper Gold 

Rio Tinto (NYSE:RIO) announced today that it paid Can$73 million for 49% of Ivanhoe Mines.

Rio Tinto acquired an additional 3,700,000 common shares in Ivanhoe Mines Ltd. through a wholly-owned subsidiary, Rio Tinto International Holdings Limited, increasing Rio Tinto’s ownership in Ivanhoe Mines by 0.5 per cent to a total of 361,858,442 common shares or 49 per cent through a privately negotiated share purchase agreement.

Shares in Ivanhoe Mines dipped as much as 21% yesterday after the Mongolian government sought a bigger share of the Oyu Tolgoi project.

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2 Comments

  • Viktatus

    That is a fair smart deal. Rio kudos!!!!!

  • Tcarpy

    Go figure. They scared everyone out, and then the vulture swooped in.

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