Rio Tinto raises stake in Ivanhoe Mines to 48.5 pct
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Mining company Rio Tinto PLC (RIO) Wednesday raised its ownership stake in Canada-based Ivanhoe Mines Ltd (IVN.T) by 2% to 48.5% as it sought to cement its commitment to the massive Mongolian Oyu Tolgoi copper-gold project.
Rio Tinto paid C$18.98 a share and exercised its subscription right to the tune of C$529.5 million in order to increase its take in Ivanhoe Mines, the majority owner of the Oyu Tolgoi project.
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