Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Rio Tinto PLC on Friday announced that it completed its acquisition of the remainder of Vancouver-based Turquoise Hill Resources Ltd for $3.1 billion.
Miner Rio said this will simplify its ownership of the Oyu Tolgoi mine in Mongolia, thus strengthening its copper portfolio.
Rio Tinto now holds a 66% direct interest in the Oyu Tolgoi project with the remaining 34% owned by the government of Mongolia.
Turquoise Hill has become a wholly-owned subsidiary of Rio Tinto and will be delisted.
On September 6, Rio Tinto reached an agreement with Turquoise Hill on an improved C$43-per-share, around $33.00, takeover offer.
Rio Tinto shares were 0.1% higher at 5,665.00 pence each on Friday morning in London.
By Tom Budszus, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2022 Alliance News Ltd. All Rights Reserved.