MELBOURNE Ivanhoe Australia Ltd IVA.AX has appointed an executive from Rio Tinto (RIO.AX), the junior gold and copper miner's ultimate parent, as its new managing director.
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 (TRQ.TO), which in turn is majority owned by world no.3 miner Rio Tinto (RIO.L).
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.
(Reporting by Sonali Paul; Editing by Michael Perry)