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Ivanhoe's Friedland steps down in financing deal

Robert Friedland, Executive Chairman of Ivanhoe Mines, seen here October 1, 2007 speaking at the Asia Pacific Forum on Mining and Minerals in downtown Vancouver.

Rafal Gerszak/Rafal Gerszak/Globe and Mail

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.

Mr. 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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