16th Dec 2022 08:33
(Alliance News) - Rio Tinto PLC on Friday announced that it completed its acquisition of the remainder of Vancouver-based Turquoise Hill Resources Ltd for USD3.1 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 CAD43-per-share, around USD33.00, 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
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