By Adriano Marchese

Turquoise Hill Resources Ltd.'s shares soared in early trading Monday after mining company Rio Tinto PLC offered to acquire the remaining 49% of the company it doesn't already own.

At 9:38 a.m. ET, the company's shares in Toronto were 32% higher at C$33.97, while its New York-listed shares were up 32% at $26.62.

Earlier on Monday, the Canadian miner said it will set up a committee to review and consider Rio Tinto's offer of 34 Canadian dollars (US$26.68) a share in cash, worth about $2.7 billion.

Turquoise Hill operates and develops the Oyu Tolgoi copper-gold mine in southern Mongolia. In late January, Rio Tinto reached agreements with Turquoise Hill and Mongolia's government on the Oyu Tolgoi mine expansion in South Gobi desert that led the partners to approve the start of underground operations.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

March 14, 2022 10:07 ET (14:07 GMT)

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