MELBOURNE - Mining giant Rio Tinto will acquire 15 million shares in Ivanhoe Mines, increasing its stake in the company to 22.4 per cent.

Rio Tinto said the move underlined its confidence in the Oyu Tolgoi copper and gold deposit in Mongolia.

Rio Tinto will acquire the shares in the Canadian company for C$16.31 per share, or C$244.7 million ($332.7 million), increasing its ownership in Ivanhoe Mines by 2.7 per cent.