What’s in a name? Rio Tinto gives Ivanhoe the blues
MELBOURNE – If ever there was any doubt about what Rio Tinto was really after in its pursuit of Canadian miner Ivanhoe Mines, the answer just became crystal clear.
Ivanhoe Mines said on Wednesday it will ask shareholders in June to approve a new name for the company: Turquoise Hill Resources.
That’s English for Oyu Tolgoi, Ivanhoe’s massive copper and gold project in Mongolia, the only asset in Ivanhoe coveted by Rio Tinto, which took management control of the Canadian miner last month after moving to majority ownership.
Ivanhoe is trying to sell off its other assets, which include a 58% stake in SouthGobi Resources and a 59% stake in Ivanhoe Australia, reshaping ahead of a widely expected full takeover by Rio Tinto eventually.
Oyu Tolgoi is on track to start producing later in 2012, with full commercial production expected in the first half of 2013, as long as it starts receiving power supply from China by September, Ivanhoe said in its first-quarter results on Wednesday.
Ivanhoe Mines said on Wednesday it will ask shareholders in June to approve a new name for the company: Turquoise Hill Resources.
That’s English for Oyu Tolgoi, Ivanhoe’s massive copper and gold project in Mongolia, the only asset in Ivanhoe coveted by Rio Tinto, which took management control of the Canadian miner last month after moving to majority ownership.
Ivanhoe is trying to sell off its other assets, which include a 58% stake in SouthGobi Resources and a 59% stake in Ivanhoe Australia, reshaping ahead of a widely expected full takeover by Rio Tinto eventually.
Oyu Tolgoi is on track to start producing later in 2012, with full commercial production expected in the first half of 2013, as long as it starts receiving power supply from China by September, Ivanhoe said in its first-quarter results on Wednesday.
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