Rio Tinto to Buy Controlling Interest in Ashton Mining
March 13, 06
Multi-commodity miner Rio Tinto, owner of several diamond mines, has agreed to purchase over 5.5 million common shares of diamond exploration company Ashton Mining of Canada. The acquisition represents approximately 6.6 percent of Ashton's shares, giving Rio Tinto a controlling stake in the company.
Rio Tinto will pay C$1.40 (US$1.20) per share for a total of C$7,755,000 ($6,682,484).
Following the completion of the acquisition, Rio Tinto will hold (through wholly-owned subsidiaries Ashton Canada Pty. Limited and QIT-Fer et Titane Inc.) 49,037,982 common shares of Ashton, representing approximately 51.7 percent of Ashton's common shares.