MELBOURNE Jan 7 Ivanhoe Australia Ltd
has appointed an executive from Rio Tinto, the junior
gold and copper miner's ultimate parent, as its new managing
Ivanhoe Australia said Bob Vassie would replace interim
Managing Director and CEO Ines Scotland as of Monday.
Ivanhoe Australia is 57.7 percent owned by Turquoise Hill
Resources, which in turn is majority owned by world
no.3 miner Rio Tinto.
Ivanhoe Australia last year tried to sell stakes in its
projects to shore up its balance sheet but called off the
process after Rio Tinto won majority ownership of Turquoise Hill
and instead raised A$76 million through a share sale.
The money raised was used to pay off a loan to Turquoise
Hill and will ensure the company's exploration and Osborne
copper-gold projects are fully funded.