Rio Tinto buys 15 million Ivanoe shares

Anglo-Australian miner Rio Tinto has acquired 15 millions shares in Ivanhoe Mines, increasing its ownership in the Canadian company to 22.4 per cent.

Rio Tinto bought each share at C$16.31 (Dh57), for a total investment of C$244 million and a 2.7 per cent jump in ownership. A statement from Rio Tinto yesterday said the shares were part of a 2008 arrangement with Ivanhoe to finance equipment for the complex.

Rio Tinto and Ivanhoe Mines are development partners for the Oyu Tolgoi project.

Production is expected to begin in 2013, with a five-year ramp up.

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