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Rio Tinto increases its stake in Ivanhoe Mines
25 August 2011: Rio Tinto exercised its right to subscribe for and acquire common shares in Ivanhoe Mines which will issue 27,896,570 million new shares to a wholly-owned subsidiary of Rio Tinto, Rio Tinto International Holdings increasing Rio Tinto ownership in Ivanhoe Mines by 2.0 per cent to a total of 358,158,442 common shares or 48.5 per cent.
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 per cent.
Source: yourindustrynews