Rio Tinto Boosts Stake in Ivanhoe Mines

13 September 2010 (Last Updated September 13th, 2010 18:30)

Rio Tinto has increased its stake in Ivanhoe Mines by 5.3% to 34.9%. The company has bought 40.1 million Ivanhoe shares at $10 each by exercising a $350m convertible credit facility issued to Ivanhoe in 2007. The decision to increase the stake follows the announcement last week th

Rio Tinto has increased its stake in Ivanhoe Mines by 5.3% to 34.9%.

The company has bought 40.1 million Ivanhoe shares at $10 each by exercising a $350m convertible credit facility issued to Ivanhoe in 2007.

The decision to increase the stake follows the announcement last week that Ivanhoe Mines' flagship Oyu Tolgoi copper-gold mine will begin production at the end of 2012.

The mine is expected to produce more than 540,000t of copper and 650,000oz of gold during the first ten years.