Rio Tinto has ended months of speculation by confirming plans to swap its shares in Ivanhoe Mines for a direct stake in Mongolia's Oyu Tolgoi copper and gold project, 66 per cent owned by the Canadian miner.
Rio owns an indirect interest in Oyu Tolgoi, one of the world's largest undeveloped copper deposits, through its 29.6 per cent stake in Ivanhoe.
The mining group also confirmed in a US Securities and Exchange regulatory filing on Wednesday night that Chinalco, the Chinese aluminium producer which is Rio's largest shareholder, was interested in investing in the Oyu Tolgoi project, either directly or through buying an equity stake in Ivanhoe.
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