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Rio Tinto pays $429m for Ivanhoe Mines stake

Rio Tinto pays $429m for Ivanhoe Mines stake

Mining group Rio Tinto (ASX: RIO) will pay US$388 million ($429 million) to increase its stake in Vancouver-based Ivanhoe Mines to 19.7%.

Rio Tinto will exercise its option to buy 46.3 million Ivanhoe shares – or around 9.8% of the company – for US$8.38 apiece.

Ivanhoe recently signed an investment agreement with the Government of Mongolia covering the development of a coper-gold complex in the nation’s South Gobi region.

The Oyu Tolgoi copper-gold mine is expected to begin production in 2013, Rio Tinto said.

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