Australian miner
Rio Tinto has announced that it has acquired 133,571,192 common shares, representing approximately a 51 percent stake, in Vancouver,
Canada-based diversified global miner Ivanhoe Mines for a total consideration of US$934,998,344.
Ivanhoe stated that it has generated US$1.8 billion from the rights offering and will use it to fund the construction and development of its Oyu Tolgoi Project in Mongolia. The purpose of
Rio Tinto acquiring additional shares under Ivanhoe's rights offering was to honor its contractual obligations to Ivanhoe and to provide additional funding to Ivanhoe to ensure the timely development of Ivanhoe's Oyu Tolgoi copper-gold mine in Mongolia.