Anglo-Australian mining giant Rio Tinto has announced that it has acquired an additional 3,700,000 common shares in Vancouver, Canada-based diversified global miner Ivanhoe Mines, increasing its ownership by 0.5 percent to 49 percent of Ivanhoe Mines' outstanding common shares. The shares were purchased for an aggregate of C$73,075,000 (US$71,358,631) at a price per share of C$19.75 (US$19.29).
Existing contractual arrangements between Rio Tinto and Ivanhoe Mines permit share purchases in certain circumstances and are subject to certain limits. Under the terms of these agreements and subject to certain exceptions, Rio Tinto's current maximum permitted shareholding in Ivanhoe Mines is 49 percent