Deals
Rio Raises Ivanhoe Stake as Loan Converts Into Shares
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Rio Tinto Group, the world’s third-largest mining company, raised its holding in Ivanhoe Mines Ltd. to 35 percent after the automatic conversion of a $350 million credit facility.
The loan and the accrued interest -- totaling $400.8 million -- converted into about 40 million shares at $10 apiece, London-based Rio said today in a statement. The loan was agreed on with Ivanhoe in 2007 and matured today, Rio said.