If ever there was any doubt about what Rio Tinto was really after in its pursuit of Canadian miner Ivanhoe Mines, the answer has now become clear. Ivanhoe Mines recently said it would ask shareholders in June to approve a new name for the company: Turquoise Hill Resources.
That’s English for OyuTolgoi, the only asset in Ivanhoe coveted by Rio Tinto, which has taken management control of the Canadian miner after moving to majority ownership.
Ivanhoe is trying to sell off its other assets, which include a 58% stake in SouthGobi Resources and a 59% stake in Ivanhoe Australia, reshaping ahead of a widely expected full takeover by Rio Tinto eventually.