“Rio is looking to do small, incremental steps with Ivanhoe and putting your men on the board is probably the next natural progression,” Chris Weston, institutional dealer at IG Markets in Melbourne said by phone. “It would make a lot of sense to put your own people in place in a company where you’ve gained control.”
Rio Tinto rose 1.9 percent to A$69.65 at 11:37 a.m. in Sydney today, compared with a 0.6 percent rise in the benchmark S&P/ASX 200 Index. Bruce Tobin, a Rio Tinto spokesman, didn’t immediately return a phone message seeking comment.
Oyu Tolgoi
Construction of Oyu Tolgoi is 70 percent complete and commercial production is due to start in the first half of 2013, Rio said this week.
Ivanhoe owns 66 percent of Oyu Tolgoi, which is located 80 kilometers (50 miles) north of Mongolia’s border with China. The project will be one of the world’s five biggest copper mines, according to Rio, (RIO) which is managing its development.
To contact the reporter on this story: Elisabeth Behrmann in Sydney at Энэ и-мэйл хаягийг спамнаас хамгаалж байгаа бөгөөд үзэхийн тулд JavaScript идэвхтэй байх хэрэгтэй.
To contact the editor responsible for this story: Rebecca Keenan at Энэ и-мэйл хаягийг спамнаас хамгаалж байгаа бөгөөд үзэхийн тулд JavaScript идэвхтэй байх хэрэгтэй.
