Ivanhoe receives ruling in Rio dispute
Ivanhoe Mines Ltd said it received a ruling on an arbitration dispute with Rio Tinto , its largest shareholder, which will allow it to keep a shareholders’ rights plan in place until 2013.
Ivanhoe said the rights plan, intended to protect shareholders while still allowing takeover bids, may remain in effect until its scheduled expiry in April 2013.
Global miner Rio Tinto owns 48.5 percent of Ivanhoe and initiated the arbitration process in 2010 after Ivanhoe adopted a shareholder rights plan that Rio contended breaches its contractual rights.
The ruling means that the shareholder rights plan will be subject to Rio Tinto’s anti-dilution rights, Ivanhoe added.
Ivanhoe is constructing the Oyu Tolgoi copper-gold project, home to one of the world’s largest-known copper deposits, in Mongolia. The project, 66-percent owned by Ivanhoe, is located about 50 miles from the border with commodity-hungry China.
Ivanhoe is still in talks with China over a three or four-year power supply agreement. Commercial production from Oyu Tolgoi, literally the Turquoise Hill, is expected to start in the first half of 2013
Ivanhoe said the rights plan, intended to protect shareholders while still allowing takeover bids, may remain in effect until its scheduled expiry in April 2013.
Global miner Rio Tinto owns 48.5 percent of Ivanhoe and initiated the arbitration process in 2010 after Ivanhoe adopted a shareholder rights plan that Rio contended breaches its contractual rights.
The ruling means that the shareholder rights plan will be subject to Rio Tinto’s anti-dilution rights, Ivanhoe added.
Ivanhoe is constructing the Oyu Tolgoi copper-gold project, home to one of the world’s largest-known copper deposits, in Mongolia. The project, 66-percent owned by Ivanhoe, is located about 50 miles from the border with commodity-hungry China.
Ivanhoe is still in talks with China over a three or four-year power supply agreement. Commercial production from Oyu Tolgoi, literally the Turquoise Hill, is expected to start in the first half of 2013
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