Bloomberg: Rio Tinto tightens grip on Ivanhoe Mines

Rio Tinto tightened its grip on Ivanhoe Mines Ltd. as part of a $3.3 billion financing deal Wednesday that will see chief executive and founder Robert Friedland step away from the company. Rio Tinto, which owns a 51 per cent stake in Ivanhoe, will nominate 11 of a new 13-member board for the company, which is building the massive Oyu Tolgoi mine in Mongolia. “Today’s agreement provides future financial certainty for Ivanhoe and stability for the timely development of Oyu Tolgoi,” Rio Tinto Copper CEO Andrew Harding said. “We will also undertake a strategic review of Ivanhoe’s assets with a view to maximizing value for all Ivanhoe shareholders. Working with our partners in Mongolia, we are dedicated to meeting our target of starting commercial production from Oyu Tolgoi in the first half of 2013 and bringing the benefits of the mine to the people of Mongolia,” Harding said. To read the full article, click hereRio Tinto tightens grip on Ivanhoe Mines

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