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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.