Australian miner Rio Tinto has announced that it has increased its stake in Vancouver, Canada-based diversified global miner Ivanhoe Mines from 49 percent to 51 percent.
Rio Tinto has purchased an additional 15.1 million common shares of Ivanhoe, representing two percent of Ivanhoe's outstanding common shares and so has secured a majority stake in the company.
As SteelOrbis previously reported, last week, Ivanhoe Mines cancelled its shareholder rights plan, clearing the way for Rio Tinto's complete takeover of Ivanhoe Mines.