Rio Tinto increases support for Ivanhoe Mines
Rio Tinto and Ivanhoe Mines have amended some of the terms of their recently agreed memorandum regarding a funding packing for Ivanhoe.
Rio Tinto and Ivanhoe Mines have amended some of the terms of their recently agreed memorandum regarding a funding packing for Ivanhoe.
Rio has confirmed that it will take up its full basic subscription privilege under the $1.8bn rights offering relating to its 51% shareholding in Ivanhoe.
The miner will also eliminate the material adverse change condition for its standby commitment in relation to a decline in Ivanhoe's share price and the standby commitment fee will be paid in cash, with Rio waiving its previously announced entitlement to reinvest its standby commitment fee in Ivanhoe common shares.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In addition, Rio will continue to provide a standby commitment for the full $1.8bn rights offering, meaning it will acquire any shares not taken up in the rights offering. The previously announced $8.34 subscription price will also be removed.
Rio's share price fell 3.8% to 2,825p by 15:02.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
'We face a £6m inheritance tax bill under Reeves's changes – it's sheer terror'
Thousands of families fear they’ll have no option but to look at selling their firms in a fire sale to pay inheritance tax bills, due to Rachel Reeves’s changes to business property relief
-
Millions of over 50s fear pension investment risk – how should you position your portfolio?
To de-risk or not to de-risk, that is the question. Act too late and you could face irreversible losses. Move too early and miss out on significant gains that could transform your retirement.