April 18, 2012 / 12:42 PM / 5 years ago

Ivanhoe, Rio in finance deal, Friedland steps down

1 Min Read

April 18 (Reuters) - Ivanhoe Mines Ltd said on Wednesday its founder and Chief Executive Robert Friedland has agreed to step down, as part of a financing deal with its majority shareholder Rio Tinto that will help fund the ongoing construction of the Oyu Tolgoi copper-gold project in Mongolia.

Friedland's resignation, along with the resignations of six other directors and four senior management members, comes just months after mining giant Rio Tinto acquired a controlling stake in the Toronto-listed mining company.

Ivanhoe, said the agreement with Rio contains a comprehensive financing plan structured to secure Rio's direct participation in, and support for, funding for planned developments at Oyu Tolgoi the company's flagship project.

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