RioTinto boosts Ivanhoe stake

RIO TINTO is raising its stake in Ivanhoe Mines by a further two per cent by exercising its right to acquire shares in the exploration company led by mining financier Robert Friedland.

The Anglo-Australian mining giant said it now owns 48.5 per cent of Ivanhoe common shares and said it may buy additional shares, depending on economic conditions.

Rio has a right to boost its stake to up to 49 per cent, under an existing deal between the two companies that are jointly developing the Oyu Tolgoi copper-gold project in Mongolia.