Rio Tinto Completes $3.1 Billion Acquisition of Turquoise Hill Resources
[Click image to enlarge]
Rio Tinto has completed its acquisition of Turquoise Hill Resources for a consideration of approximately $3.1 billion, simplifying its ownership of the world-class Oyu Tolgoi mine in Mongolia, significantly strengthening Rio Tinto’s copper portfolio, and demonstrating its long-term commitment to the project and Mongolia.
Rio Tinto now holds a 66 percent direct interest in the Oyu Tolgoi project with the remaining 34 percent owned by the Government of Mongolia through Erdenes Oyu Tolgoi. The transaction closed following approval from the Yukon court in Canada and the majority of TRQ minority shareholders supporting the deal.
“Oyu Tolgoi is an outstanding asset with incredible people that will deliver significant long-term value for Rio Tinto and Mongolia,” said Rio Tinto Chief Executive Jakob Stausholm.
“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.” added Stausholm.
“This acquisition further strengthens our copper portfolio, as part of our strategy to grow in materials the world needs for achieving net zero and delivering long-term value for our 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,” said Rio Tinto Copper Chief Executive Bold Baatar.
Turquoise Hill has become a wholly owned subsidiary of Rio Tinto and Turquoise Hill shares will cease trading.
About Rio Tinto
Rio Tinto is partnering with the U.S. Department of Energy’s Critical Materials Institute (CMI) to discover further ways to economically recover critical minerals such as tellurium and lithium. The company is also investing in new facilities to extract battery-grade lithium from waste rock at its Boron, California mine site and high-quality scandium oxide from waste streams at its metallurgical complex in Sorel-Tracy, Quebec.
First Solar, which produces cadmium telluride (CadTel) solar panels, is expanding its U.S. manufacturing capacity by 3.3 gigawatts (GW) annually, by building its third American manufacturing facility in Lake Township, Ohio. When fully operational, the new facility will scale the company’s Northwest Ohio footprint to a total annual capacity of 6 GW, which is believed to make it the largest fully vertically integrated solar manufacturing complex outside of China.
To stop by Rio Tinto’s website, CLICK HERE
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2022 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
