Rio completes $3.1bn buy of Turquoise Hill
PERTH (Miningweekly.com) – Mining major Rio Tinto has completed the $3.1-billion acquisition of dual listed Turquoise Hill Resources, simplifying the ownership of the Oyu Tolgoi copper mine in Mongolia.
Turquoise Hill shareholders earlier this month approved the C$43 a share cash offer from Rio for the remaining 49% interest in the company which Rio did not already own.
With the Turquoise Hill transaction complete, Rio now holds a 66% direct interest in the Oyu Tolgoi project with the remaining 34% owned by the government of Mongolia through Erdenes Oyu Tolgoi.
“Oyu Tolgoi is an outstanding asset with incredible people that will deliver significant long-term value for Rio Tinto and Mongolia,” Rio CEO Jakob Stausholm said.
“I would like to acknowledge the Turquoise Hill board and management, under the leadership of Peter Gillin and Steve Thibeault, for their considerable effort and support over the years, working in partnership with Rio Tinto and the Government of Mongolia in developing Oyu Tolgoi into a world-class mine. I would like to offer my best wishes to each of them for the future.”
Rio Tinto copper CEO Bold Baatar said this acquisition further strengthens the company’s copper portfolio, as part of its strategy to grow in materials the world needs for achieving net zero and delivering long-term value for its shareholders.
“We now have a simpler and more efficient ownership and governance structure, with our partner the Government of Mongolia, as we proceed together towards sustainable production from the underground mine.”
Turquoise Hill has become a wholly owned subsidiary of Rio Tinto and Turquoise Hill shares will cease trading on the TSX and the NYSE.
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