Rio Tinto completes acquisition of Turquoise Hill
LONDON–(BUSINESS WIRE)–Rio Tinto has completed the acquisition of Turquoise Hill Resources Ltd (TSX: TRQ) (NYSE: TRQ) (“Turquoise Hill”) for consideration of approximately $3.1 billion1thereby facilitating ownership of Mongolia’s world-class Oyu Tolgoi mine, significantly strengthening Rio Tinto’s copper portfolio and demonstrating its long-term commitment to the project and Mongolia.
Rio Tinto now has a direct 66% interest in the Oyu Tolgoi project, while the remaining 34% is owned by the Government of Mongolia through Erdenes Oyu Tolgoi. The transaction was completed following approval by the Yukon Court in Canada and a majority of TRQ’s minority shareholders supported the transaction.
Jakob Stausholm, Chief Executive of Rio Tinto, said: “Oyu Tolgoi is an outstanding asset with an incredible people who will deliver significant long-term value for Rio Tinto and Mongolia.
“I would like to acknowledge the Turquoise Hill board and management, led by Peter Gillin and Steve Thibeault, for their considerable efforts and support over the years in partnership with Rio Tinto and the Government of Mongolia in the development of Oyu Tolgoi to a world-class mine. I would like to offer each of them my best wishes for the future.”
Bold Baatar, Chief Executive of Rio Tinto Copper, said: “This acquisition further strengthens our copper portfolio as part of our strategy to grow in materials the world needs to reach net zero and create 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 together we move towards sustainable production from the underground mine.”
Turquoise Hill has become a wholly owned subsidiary of Rio Tinto and Turquoise Hill stock will cease trading.
Additional information
This press release does not constitute an offer to buy or sell, or a solicitation of an offer to buy or sell, any securities. Any offer, solicitation or offer to buy or sell any securities will be made in accordance with registration and other requirements under applicable law.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release are forward-looking statements. The words “intend”, “forecast”, “forecast”, “anticipate”, “estimate”, “plan”, “believe”, “expect”, “may”, “should”, “will”, “aim”, “Track,” “seek,” or similar expressions commonly identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially 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 Financial Conduct Authority’s Disclosure Guidance and Transparency Rules and the Australian Securities Exchange Listing Rules) to publicly post any updates or revisions to any herein contained any forward-looking statement to reflect a change in its expectations with respect to this or a change in events, conditions or circumstances on which any such statement is based. All information contained in this press release, including any forward-looking statements contained herein, speaks only as of the date of this press release.
The person responsible for arranging and authorizing the release of this announcement on Rio Tinto’s behalf is Steve Allen, Group Company Secretary.
1 Based on a per share value of $43.00 CAD and a USD/CAD exchange rate of 1.3618 as of December 15, 2022.
LEI: 213800YOEO5OQ72G2R82
