Canadian Business / The Canadian Press: Rio Tinto tightens grip on Ivanhoe Mines under new financing deal

Rio Tinto is tightening its grip on Ivanhoe Mines Ltd. as part of a US$3.3-billion financing deal Wednesday that will see Ivanhoe chief executive Robert Friedland step away from the company he founded. Rio Tinto, which pushed its stake in Ivanhoe to 51 per cent early this year, will nominate 11 directors to a new 13-member board for Ivanhoe, which is building the massive Oyu Tolgoi copper-gold mine in Mongolia. Friedland, who also resigned from the board, will have the right to nominate the other two directors as long as he maintains at least a 10 per cent stake in the company. “Today’s agreement provides future financial certainty for Ivanhoe and stability for the timely development of Oyu Tolgoi,” Rio Tinto Copper chief executive Andrew Harding said. To read the full article, click hereRio Tinto tightens grip on Ivanhoe Mines under new financing deal

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