“Rio Tinto strongly believes within the long-term success of Oyu Tolgoi and Mongolia, and delivering for all stakeholders over the long-term,” Rio Tinto chief government Jakob Stausholm said in the statement. “That’s the reason we need to improve our curiosity in Oyu Tolgoi, simplify the possession construction, and additional strengthen Rio Tinto’s copper portfolio.”
The non-binding buyout proposal will now be thought of by the Turquoise Hill board, excluding Rio Tinto’s nominees, earlier than going to shareholder vote.
The provide comes solely two months after Rio Tinto and the federal government of Mongolia reached an agreement to complete the underground development of the Oyu Tolgoi challenge within the Gobi Desert. That deal noticed Rio agree to write down off $2.4 billion of loans and curiosity utilized by Ulan Bator to fund its share of the event prices.
Extra to return …