Rio sets out intentions for Ivanue and Oyu Tolgoi

RIO Tinto expects to replace some directors and management at Ivanhoe Mines after grabbing majority control of the Canadian mining company, and may seek direct ownership in the massive Oyu Tolgoi copper and gold project in Mongolia. The Anglo-Australian mining company doesn’t currently have any plans to shake up Ivanhoe, but is reviewing its investment in the company and anticipates replacing some of the management and at least a majority of the non-Rio appointed directors, according to a filing last week from Ivanhoe to the US Securities and Exchange Commission.

The change will give Rio more than a majority on the Ivanhoe board, it said. Rio reserved the right to increase its holding in Ivanhoe as well as the right to make proposals “alone or with a third-party” regarding Ivanhoe’s existing investment, ownership in Oyu Tolgoi or other changes, the filing added.