Rio Tinto offers to buy rest of Turquoise Hill stake for $2.7bn

The offer paves the way for Rio’s direct ownership of the huge Oyu Tolgoi copper-gold mining project in Mongolia

A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia. Picture: REUTERS/DAVID GRAY

The non-binding, all-cash C$34 per share offer represents a more than 32% premium to Turquoise Hill’s close on Friday. It comes after Rio Tinto’s settlement with the Mongolian government in January of a long-running dispute over the $6.93bn expansion of the Oyu Tolgoi project. " would simplify the Oyu Tolgoi ownership structure, strengthen Rio Tinto’s copper portfolio, and reinforce its long-term commitment to Mongolia,” the company said in a statement.

A number of problems have separated the parties over the years, with Rio delaying first production at the underground development of Oyu Tolgoi to the first half of 2023, after Turquoise Hill estimated additional funding required for the project had ballooned to $3.6bn.

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