- Turquoise Hill Resources Ltd. (TRQ) has acknowledged a new $3.17 billion non-binding proposal from Rio Tinto International Holdings Ltd.
- Under the proposal, Turquoise Hill would sell all its outstanding common shares to Rio Tinto for $40 per share
- Rio Tinto previously offered to take ownership of Turquoise Hill Resources for $34.00 per share
- Turquoise Hill is a mining company focused on the Oyu Tolgoi copper-gold mine
- Turquoise Hill Resources Ltd. (TRQ) is up 25.27 per cent and is trading at $37.82 per share as of 1:06 p.m. ET
Turquoise Hill Resources (TRQ) has received a non-binding proposal to sell all of its outstanding shares to Rio Tinto International Holdings Ltd.
Turquoise Hill is an international mining company focused on the operation and continued development of the Oyu Tolgoi copper-gold mine in Mongolia, which is its only material mineral resource property. The new proposal is conditional on Turquoise Hill not raising additional equity capital.
Previously, Rio Tinto offered to take ownership of the shares at an offer of $34.00 (now $40.00) per share, but Turquoise Hill did not believe that amount accurately reflected its capital value.
Turquoise Hill has been focused on raising at least US$650 million in new equity by year-end as required under its previously announced funding agreement with Rio Tinto.
“…Turquoise Hill management remained focused on the business and on supporting the advancement of the Oyu Tolgoi underground project… we are well positioned to sustain the positive momentum of the past year when we achieved a number of significant milestones including new understandings with the Government of Mongolia which reset our relationship, de-risked the project and enabled us to start the blasting of the undercut in January,” Steve Thibeault, Interim CEO of Turquoise Hill, said.
Turquoise Hill Resources Ltd. (TRQ) is up 25.27 per cent and is trading at $37.82 per share as of 1:06 p.m. ET.
