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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (84646)	8/24/2011 7:54:38 PM
From: LoneClone	Read Replies (1) \| Respond to of 194849

UPDATE 1-Rio Tinto boosts stake in Ivanhoe to 48.5 pct reuters.com TORONTO \| Wed Aug 24, 2011 2:41pm EDT Aug 24 (Reuters) - Rio Tinto ( RIO.AX) is raising its stake in Ivanhoe Mines ( IVN.TO) by a further 2 percent by exercising its right to acquire shares in the exploration company led by well known mining financier Robert Friedland. The Anglo-Australian mining giant said on Wednesday it now owns 48.5 percent of Ivanhoe common shares. Rio Tinto has a right to boost its stake in Ivanhoe to up to 49 percent, under an existing deal between the two companies that are jointly developing the massive Oyu Tolgoi copper-gold project in Mongolia. Rio Tinto said it would consider buying additional shares of Ivanhoe, depending on general economic conditions, Ivanhoe's business prospects and other factors. Ivanhoe will issue 27.9 million new shares to a wholly-owned subsidiary of Rio Tinto. The price paid per share was C$18.98 for a total consideration of C$529.5 million, Rio Tinto said in a statement. Shares of Ivanhoe were down 90 Canadian cents at C$19.72 on Wednesday on the Toronto Stock Exchange. (Reporting by Euan Rocha; editing by Janet Guttsman)