Rio Tinto completes acquisition of Turquoise Hill
Summary
LONDON--(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. The transaction closed following approval from the Yukon court in Canada and the majority of TRQ minority shareholders supporting the deal. “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. 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. The person responsible for arranging and authorising the release of this announcement on behalf of Rio Tinto is Steve Allen, Group Company Secretary.