Tensions are rising between Rio Tinto and Canada's Ivanhoe Mines over rights to a rich copper deposit in Mongolia, as the UK and Australia-listed group releases hundreds of millions of dollars to develop the mine over which it has no control.
Yesterday Ivanhoe, a Vancouver-based mining company that owns Mongolia's Oyu Tolgoi project, vowed it would continue to support its shareholder rights plan that impedes takeover attempts, in spite of Rio's opposition.
Rio, Ivanhoe's largest shareholder, said over the weekend that it had referred the shareholder rights plan to arbitration after failing to reach an understanding with Ivanhoe after its board approved the plan in April.
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