Rio Tinto completes acquisition of Turquoise Hill
December 16 2022 - 02:10AM
Business Wire
Rio Tinto has completed its acquisition of Turquoise Hill
Resources Ltd (TSX: TRQ) (NYSE: TRQ) (“Turquoise Hill”) for a
consideration of approximately $3.1 billion1, simplifying its
ownership of the world-class Oyu Tolgoi mine in Mongolia,
significantly strengthening Rio Tinto’s copper portfolio, and
demonstrating its long-term commitment to the project and
Mongolia.
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.
Rio Tinto Chief Executive Jakob Stausholm said “Oyu Tolgoi is an
outstanding asset with incredible people that will deliver
significant long-term value for Rio Tinto and Mongolia.
“I would like to acknowledge the Turquoise Hill Board and
management, under the leadership of Peter Gillin and Steve
Thibeault, for their considerable effort and support over the
years, working in partnership with Rio Tinto and the Government of
Mongolia in developing Oyu Tolgoi into a world-class mine. I would
like to offer my best wishes to each of them for the future.”
Rio Tinto Copper Chief Executive Bold Baatar said “This
acquisition further strengthens our copper portfolio, as part of
our strategy to grow in materials the world needs for achieving net
zero and delivering long-term value for our shareholders. We now
have a simpler and more efficient ownership and governance
structure, with our partner the Government of Mongolia, as we
proceed together towards sustainable production from the
underground mine.”
Turquoise Hill has become a wholly owned subsidiary of Rio Tinto
and Turquoise Hill shares will cease trading.
Additional disclosures
This press release does not constitute an offer to buy or sell
or the solicitation of an offer to sell or buy any securities. Any
offers, solicitations or offers to buy, or any sales of securities
will be made in accordance with registration and other requirements
under applicable law.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. All statements other than statements of historical facts
included in this release, are forward-looking statements. The words
“intend”, “forecast”, “project”, “anticipate”, “estimate”, “plan”,
“believes”, “expects”, “may”, “should”, “will”, “target”, “pursue”,
“seek” or similar expressions, commonly identify such
forward-looking statements. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Rio Tinto
expressly disclaims any obligation or undertaking (except as
required by applicable law, the UK Listing Rules, the Disclosure
Guidance and Transparency Rules of the Financial Conduct Authority
and the Listing Rules of the Australian Securities Exchange) to
release publicly any updates or revisions to any forward-looking
statement contained herein to reflect any change in its
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
All information provided in this press release, including the
forward-looking statements herein, speak only as of the date of
this press release.
The person responsible for arranging and authorising the release
of this announcement on behalf of Rio Tinto is Steve Allen, Group
Company Secretary.
1 Based on a value of C$43.00 per share and a USD/CAD FX rate of
1.3618 as of 15 December 2022.
LEI: 213800YOEO5OQ72G2R82
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Category: Oyu Tolgoi
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