Turquoise Hill Shares Jump After Rio Tinto Offer
March 14 2022 - 9:22AM
Dow Jones News
By Adriano Marchese
Turquoise Hill Resources Ltd.'s shares soared in early trading
Monday after mining company Rio Tinto PLC offered to acquire the
remaining 49% of the company it doesn't already own.
At 9:38 a.m. ET, the company's shares in Toronto were 32% higher
at C$33.97, while its New York-listed shares were up 32% at
$26.62.
Earlier on Monday, the Canadian miner said it will set up a
committee to review and consider Rio Tinto's offer of 34 Canadian
dollars (US$26.68) a share in cash, worth about $2.7 billion.
Turquoise Hill operates and develops the Oyu Tolgoi copper-gold
mine in southern Mongolia. In late January, Rio Tinto reached
agreements with Turquoise Hill and Mongolia's government on the Oyu
Tolgoi mine expansion in South Gobi desert that led the partners to
approve the start of underground operations.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 14, 2022 10:07 ET (14:07 GMT)
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