BREAKFAST DEALS: Rio reward

Rio Tinto is on the verge of a majority stake in Ivanhoe Mines, while Hancock Prospecting finds a second Korean suitor.

Partnerships can work brilliantly, but once a disagreement sets in things can degenerate pretty quickly until, usually, the stronger partner prevails. That’s pretty much the case with the sometimes tumultuous relationship between Rio Tinto and Canada’s Ivanhoe Mines. Overnight, Ivanhoe finally conceded that it wouldn’t – because it effectively can’t – use its 'poison pill' to discourage Rio from taking majority ownership, which the Australian miner says it intends to do. Rio, the floor is yours. Meanwhile, while Gina Rinehart has secured POSCO as a stakeholder in the Roy Hill iron ore mine there’s reportedly another South Korean player on the hook. Elsewhere, Billabong International’s savage decline has got whispers going about private equity, OZ Minerals says it won’t be rushed into making an acquisition and it looks like today’s the day for Nexus Energy to join hands with Royal Dutch Shell.

Rio Tinto

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