(CercleFinance.com) – Rio Tinto announces that it has taken good note of the decision of the special committee of Turquoise Hill to end the examination of Rio Tinto’s proposal to acquire full ownership of Turquoise Hill for a value of 34 Canadian dollars per share.
The mining group said it was “disappointed with the committee’s decision” and continued to believe that the terms of the proposed transaction offered attractive value to Turquoise Hill’s minority shareholders.
Rio Tinto further adds that since its proposal (March 14, 2022), the average share price performance of Turquoise Hill’s peers has fallen by 35% in light of a degraded and more uncertain external environment.
As a reminder, Rio Tinto is a financial partner of the Oyu Tolgoi mining project in Mongolia, an open pit mine operated by Turquoise Hill and by the Mongolian government.
“Rio Tinto remains more than ever committed to the long-term success of Oyu Tolgoi. Although we are disappointed by this decision [du conseil de Turquoise Hill]we will continue to work constructively with the Turquoise Hill Board to move the Oyu Tolgoi project forward,” said Rio Tinto Chief Executive Copper Bold Baatar.
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