Rio Tinto Closes Acquisition Of Turquoise Hill

(RTTNews) - Rio Tinto Plc (RTPPF.PK, RIO.L, RIO, RTNTF.PK), an Anglo-Australian mining major, said it has closed its acquisition of Turquoise Hill Resources Ltd (TRQ, TRQ.TO) for a consideration of approximately $3.1 billion, simplifying its ownership of the Oyu Tolgoi mine in Mongolia.

Rio Tinto acquired the about 49% of the issued and outstanding common shares of Turquoise Hill that Rio Tinto and its affiliates did not already own for C$43.00 per share in cash.

Rio Tinto now holds a 66% direct interest in the Oyu Tolgoi project with the remaining 34% owned by the Government of Mongolia through Erdenes Oyu Tolgoi. The transaction closed following approval from the Yukon court in Canada and the majority of TRQ minority shareholders supporting the deal.

Turquoise Hill has become a wholly owned subsidiary of Rio Tinto and Turquoise Hill shares will cease trading.