American depository shares of Rio Tinto were up 1.5% Friday after the company’s Rio Tinto International Holdings unit and Turquoise Hill Resources (TRQ) agreed to sell their stakes in Mason Resources Corp to Mantos Copper. Specifically, Rio Tinto International will sell nearly 7.5 million shares and Turquoise will sell over 6.2 million shares at $0.20 each in cash for an aggregate of $2.7 million. Rio Tinto indirectly owns about 50.8% of TRQ issued and outstanding common shares.
Rio Tinto noted that the Mason shares to be sold collectively represent 17.56% of outstanding Mason shares and constitute all of the Mason shares that are beneficially owned by Rio Tinto. Once the sale is complete, Rio Tinto said it will no longer own or be deemed to beneficially own any Mason shares.