Rio Tinto says it’s agreed a final offer to purchase the 49 percent of shares in Turquoise Hill Resources it doesn’t yet own for C$43 per share.
The move will help Rio Tinto progress the development of its Oyu Tolgoi copper project in Mongolia.
“The transaction simplifies the ownership structure of Oyu Tolgoi and enables Rio Tinto to focus on working in partnership directly with Erdenes Oyu Tolgoi and the government of Mongolia to create long-term value for all stakeholders,” said Bold Bataar, Rio Tinto’s chief executive of copper.
“Turquoise Hill minority shareholders will realise a significant and immediate cash premium for their shares at a time when uncertainties inherent in the development of the underground operations remain.”