Rio holds onto Ivanhoe stake

Rio Tinto said yesterday it had paid about $935m for 133.6m shares of Ivanhoe Mines, or 51 per cent of the stock the Canadian miner put up in a shareholder rights offering. The purchase allows Anglo-Australian mining giant Rio to maintain its 51 per cent ownership stake in Ivanhoe, which is developing the massive Oyu Tolgoi copper-gold project in Mongolia.