Rio Tinto Became Majority Shareholder in Ivanhoe Mines

Rio Tinto gained majority stake in Ivanhoe Mines. Rio Tinto increased its stake in Ivanhoe Mines to 51% in Ivanhoe Mines (IVN), after purchasing additional 15.1 million shares, representing 2% of IVN’s outstanding shares. Rio bought at C$20 a share and C$302 million (US$299 million) in total after the Vancouver-based company said on January 18 that it decided to terminate the company’s shareholder rights plan. IVN fell 4.2% to US$17.37 in New York on January 24. IVN owns a 66% interest in Mongolia’s Oyu Tolgoi, one of the world’s largest copper-gold mines.

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