According to its founder, he was inspired by a discussion in 2006 with Robert Friedland, the CEO of Ivanhoe Mines, a Canadian company operating in Mongolia.
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Rio Tinto has expressed interest in raising its stake in the company from 35% to 46.6%, eventually leading to a takeover however Ivanhoe Mines is not interested in selling out.
The company was called Ivanhoe Mines until August 2, 2012 when an important financing agreement was made with Rio Tinto.