Rio Tinto increases interest in Ivanhoe Mines to 48.5%

As a result, Rio Tinto has increased its ownership stake in Ivanhoe Mines by 2% to 48.5%.

Rio Tinto paid C$18.98 ($19.24) per share and the total consideration for the exercise of the subscription right was C$529.5m ($536.96m).

According to the company, the subscription was made in accordance with existing contractual arrangements between Rio Tinto and Ivanhoe Mines that permits share purchases in certain circumstances and subject to certain limits.

Under the terms of these agreements and subject to certain exceptions, Rio Tinto’s current maximum permitted shareholding in Ivanhoe Mines is 49%.

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