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Rio Tinto boosts stake in Ivanhoe to 48.5 percent
August 24, TORONTO (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.
Macmahon Holdings Named Preferred Contractor On Tavan Tolgoi
August 24, SYDNEY -(Dow Jones)- Australian construction group MacMahon Holdings Ltd. (MAH.AU) has been awarded a preferred contractor status for part of Mongolia's massive Tavan Tolgoi mining project, in a joint venture with Germany's BBM Operta Group, the company said Thursday.
The joint venture would start mining up to 15 million tons a year of coal from the project from the first quarter of 2012. State-owned Erdenes Tavan Tolgoi JSC owns the eastern part of Tavan Tolgoi, while the western blocs are being developed by a consortium of China's Shenhua Group, Peabody Energy Corp. (BTU), and a sub-consortium of Russian miners.
The massive Tavan Tolgoi project has an estimated 6.4 billion metric tons of coal reserves, making it the world's second-largest coal deposit after the Shengli field in China, according to data provider Raw Materials Group. It also has large quantities of coking coal, an essential ingredient in steelmaking.
MacMahon said contractual details will be finalized over the next few months.
Chief Executive Nick Bowen said the project award was an important foothold in Mongolia's burgeoning coal mining sector.
"The progression of the Tavan Togloi project now provides a solid foundation for MacMahon in its efforts to establish a long-term business in one of the world's largest emerging mining regions," he said.
No value for the contract was given. Contractors with preferred bidder status have been chosen as the most suitable candidate for a project, but haven't actually completed contracts with their clients.
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"Mogi" Munkhdul Badral
Executive Director
CPS International LLC
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CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
Disclosure/Disclaimer
CPS Securities, its directors and employees advise that they may hold securities, may have an interest in and/or earn brokerage and other benefits or advantages, either directly or indirectly from client transactions mentioned in correspondence from CPS International.
CPS International advise this email contains general information only and does not include advice. In preparing this communication, CPS International did not take into account the investment objectives, financial situation and particular needs of any person. As with any speculative mining company there are significant risks.
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