Rio Tinto set to buy 49% of Canada Turquoise Hill.

Rio Tinto on Monday proposed to buy 49per cent of Canada’s Turquoise Hill it does not already own for about $2.7 billion, as the Anglo-Australian miner looks to ramp up the Oyu Tolgoi copper-gold mining project in Mongolia.

Turquoise Hill

The non-binding, C$34 per share offer represented a more than 32per cent premium to Turquoise Hill’s Friday close, and follows Rio Tinto’s settlement with the Mongolian government in January of a long-running dispute over the $6.93 billion expansion of the Oyu Tolgoi project.

Rio Tinto strongly believes in the long-term success of Oyu Tolgoi and Mongolia.

That is why we want to increase our interest in Oyu Tolgoi, simplify the ownership structure, the company said.

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