MarketWatch: Friedland steps down as Ivanhoe CEO

Ivanhoe Mines Ltd. founder Robert Friedland resigned as chief executive and as a director of the company as part of a sweeping agreement with majority shareholder Rio Tinto PLC that ensures Rio Tinto’s support for a series of funding measures for Ivanhoe’s massive Oyu Tolgoi mining project in Mongolia. Friedland stepped down Tuesday, as did the other members of the senior management, Ivanhoe said in a statement. The move ends a months-long tussle between Friedland and mining giant Rio Tinto over control of the company. Rio Tinto has gradually increased its stake in the miner, recently taking majority control. The company said Rio Tinto will give its full support to completion of a project-finance package of $3 billion to $4 billion to be provided by third-party lenders. Ivanhoe and Rio now aim to complete a project-finance arrangement for Oyu Tolgoi by the end of this year. To read the full article, click hereFriedland steps down as Ivanhoe CEO

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