which had owned 49% of Ivanhoe Mines (now known as Turquoise Hill Resources), to take it over: he said the $16-billion Canadian group's "poison pill" defence was not valid. Ivanhoe had developed Oyu Tolgoi in Mongolia, one of the world's largest-known copper deposits. On 28 January 2012, Rio Tinto gained control of Ivanhoe Mines and removed the management. In October 2013, Rio Tinto agreed to sell its majority stake in Australia's third-largest coal mine to Glencore and Sumitomo for a little over US$1 billion, as part of the firm's plans to focus on larger operations. Less than a year later, Rio Tinto rejected two merger proposals from Glencore, proffered in July and August 2014; the merger of Glencore and Rio Tinto would have created the world's largest mining company. In May 2015, Rio Tinto announced plans to sell some of its aluminium assets as part of a possible $1 billion deal, two years after a similar but failed attempt. In September 2020, it was announced that the company's Chief Executive Jean-Sébastien Jacques, along with two executives, will resign because of Rio Tinto's role in destroying two ancient rock shelters in the Pilbara region of Australia. The company's Chief Financial Officer, Jakob Stausholm became the new Chief Executive on 1 January 2021. In March 2022, Rio Tinto completed the acquisition of Rincon Mining's lithium project in Argentina for $825 million, following approval by Australia's Foreign Investment Review Board. Subsidiaries The company has operations on six continents, but is mainly concentrated in Australia and Canada, and owns its mining operations through a complex web of wholly and partly owned subsidiaries. Energy Resources of Australia – 68.4% Hathor Exploration – 100% QIT-Fer et Titane – 100% Dampier Salt – 68.4% Iron Ore Company of Canada – 58.7% Pacific Aluminum – 100% Richards Bay Minerals – 74% Turquoise Hill Resources – 51% Corporate status Rio Tinto is primarily organised into four operational businesses, divided by product type: Iron ore Aluminium – aluminium, bauxite and alumina Copper & Diamonds – copper and by-products such as gold, silver, molybdenum and sulphuric acid, and the company's diamond interests Energy & Minerals – uranium interests, industrial minerals such as borax, salt and titanium dioxide. The corporation previously held coal production assets. These operating groups are supported by separate divisions providing exploration and function support. Stock structure and ownership Rio Tinto is structured as a dual-listed company, with listings