Reuters: Rio moves closer to owning Mongolia copper, gold mine

Rio Tinto took a big step toward owning a massive copper and gold project in Mongolia and diversifying from iron ore, after agreeing to buy more shares in developer Ivanhoe Mines Ltd and guaranteeing $3.3 billion needed to open the mine. Successful development of the Oyu Tolgoi project is crucial to reducing Rio Tinto’s dependence on iron ore, which some analysts say may be in surplus within the next three years. Ivanhoe’s founder billionaire Robert Friedland is leaving the company as part of the deal announced on Wednesday. The deal with Rio Tinto is essential for the Oyu Tolgoi project to reach commercial production on target in the first half of 2013, and should give shareholders some comfort going into Rio Tinto’s annual meeting in London on Thursday. To read the full article, click hereRio moves closer to owning Mongolia copper, gold mine

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