Singapore's sovereign wealth fund Temasek Holdings has acquired a 5.4-per cent stake in Mongolia-focused Canadian miner Ivanhoe Mines Ltd, as it strengthens its energy and mining portfolio.
In a 8 June filing to the US Securities and Exchange Commission, Temasek, one of the richest sovereign wealth fund, said that it has bought 40.855 million shares of Vancouver-based Ivanhoe.
The stake would be valued at about $425 million, based on the company's yesterday closing share price.
Ivanhoe, which is 51-per cent owned by Anglo-Australian mining giant Rio Tinto, owns and operates the Oyu Tolgoi copper and gold mine in Mongolia's Gobi desert, thought to be one of the world's largest untapped copper and gold deposits.
Oyu Tolgoi is 66 per cent owned by Ivanhoe and 34 per cent by the government of Mongolia.
It contains approximately 37 million tonnes of copper and 1,300 tonnes of gold in measured, indicated and inferred resources, allowing the project to operate for almost 60 years.