Ivanplats Ltd., a mining company controlled by billionaire Ivanhoe Mines Ltd. founder Robert Friedland, may seek as much as $1 billion in an initial public offering as early as the second quarter, according to people with knowledge of the plan.
Canadian stocks fell, led by raw- materials shares, as Rio Tinto Group said it won’t buy all of Ivanhoe Mines Ltd., European growth concerns persisted and the U.S. Federal Reserve refrained from new economic stimulus.
Ivanhoe Mines Ltd. said today in a statement that the company and its legal counsel continue to evaluate the implications of an arbitrator’s decision on its shareholders’ rights plan that was issued yesterday.
Ivanhoe Mines Ltd., the mining company founded by Robert Friedland, agreed to sell shares and share warrants for a total of about C$150 million ($138 million) to fund the development of two projects in the Democratic Republic of Congo.
Rio Tinto Group said it has taken a majority stake in Ivanhoe Mines Ltd. after buying shares that bring its interest to 51 percent. Rio Tinto reached the holding after buying an additional 15.1 million shares, a 2 percent stake, for C$302 million, it said in a statement today.
Ivanhoe Mines Ltd. decided to scrap a so-called shareholder rights plan, clearing the way for Rio Tinto Group to increase its stake and gain control of the developer of the Oyu Tolgoi copper mine in Mongolia.