Rio Tinto and Ivanhoe in deal

ANGLO-AUSTRALIAN miner Rio Tinto and Canada’s Ivanhoe Mines said yesterday they had reached agreement on the joint development of the Oyu Tolgoi copper and gold project in Mongolia.

The agreement ends a dispute between the two companies dating back to 2006 and will also see Rio Tinto increasing its stake in Ivanhoe to 49 per cent by January 2012.

Rio Tinto is now set to assume direct managment of the Oyu Tolgoi project.