Global miner Rio Tinto Limited (ASX:RIO, NYSE:RIO) has gained a majority 51 per cent stake in Ivanhoe Mines Limited (IVN:TSX, NYSE:IVN, NASDAQ:IVAN).
Both Rio and Ivanhoe are joint venture partners in the $US10 billion Oyu Tolgoi mine in Mongolia, the world's largest undeveloped copper-gold project.
Rio says the increased Ivanhoe stake demonstrates its commitment to the safe and successful development of the Oyu Tolgoi mine.
70 per cent of the construction at the mine is now complete and first ore is expected in the second half of 2012.
Commercial production of copper concentrate is expected in the first half of 2013.
Rio Tinto reported a net profit of $7.5 billion in the first half of the 2011 calendar year.
