Ivanhoe Says Majority of Directors Will Remain Independent

Ivanhoe Mines Ltd., which owns the $6 billion Oyu Tolgoi copper mine, said it expects a majority of its board will remain independent after its largest investor, Rio Tinto Group, said it may seek to replace directors and managers.

The 14-member board, which is responsible for appointing senior management, also is bound by a 2010 agreement to maintain eight independent directors, Vancouver-based Ivanhoe said today in a statement. The agreement also provides that the independent directors are entitled to appoint the chairman, Ivanhoe said.