Rio Tinto has announced that it has submitted a non-binding bid to acquire the remaining 49% of Turquoise Hill Resources, the holding company of the Oyu Tolgoi copper-gold project in Mongolia.
The mining group said the offer amounted to C $ 34 (US $ 26.68) in cash for each share of Turquoise Hill, representing a 32% premium over the last close and valuing the company at $ 2.7 billion. Dollars.
Rio Tinto stressed that the offer follows the recent agreement reached with Turquoise Hill and the Mongolian government on the progress of the development of Oyu Tolgoi and the start of underground activities.
“The proposed transaction will enable Rio Tinto to work directly with the Mongolian government to advance the Oyu Tolgoi project with a simpler and more efficient ownership and governance structure,” said CEO Jakob Stausholm.
Source: Capital
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