Turquoise Hill Shares Rise in Premarket Trading on Rio Tinto Acquisition Proposal
March 14 2022 - 6:52AM
Dow Jones News
By Adriano Marchese
Turquoise Hill Resources Ltd.'s New York-listed shares jumped in
premarket trading Monday morning after Rio Tinto PLC made a
nonbinding proposal to acquire the remaining 49% of the
company.
At 6:19 a.m. ET, Turquoise Hill's shares in New York were up 27%
at $25.55.
The Canadian miner, which operates and develops the Oyu Tolgoi
copper-gold mine in southern Mongolia, was offered 34 Canadian
dollars (US$26.68) in cash a share.
The 32% premium to Friday's closing price values Turquoise Hill
at $2.7 billion.
In late January, Rio Tinto reached agreements with Turquoise
Hill Resources Ltd. and Mongolia's government on the Oyu Tolgoi
mine expansion in South Gobi desert that have led the partners to
approve the start of underground operations.
Turquoise Hill owns 66% of Oyu Tolgoi, with the remaining 34%
held by a Mongolian state-owned entity.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 14, 2022 06:37 ET (10:37 GMT)
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