Rio Tinto has agreed to acquire a strategic holding in Ivanhoe Mines. The two companies will jointly develop and operate Oyu Tolgoi, the world's largest undeveloped copper-gold resource, in Mongolia. Rio Tinto will take up a two-tranche private placement for a total investment of 691 million US dollars, giving it 19.9 percent of Ivanhoe. The company also has non-transferrable warrants which if exercised, would enable it to reach a 33.35 percent shareholding in Ivanhoe for a total investment of 1.5 billion US dollars. AfriOre Limited entered into a binding agreement whereby Lonmin will acquire the company by means of an all-cash offer to shareholders. The transaction will combine Lonmin's extensive experience in platinum mining, smelting, and refining with AfriOre's 74 percent interest in the Akanani PGM project on the northern limb of the Bushveld Complex.
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