By Ian Walker

 

Rio Tinto PLC on Wednesday raised its takeover proposal for Turquoise Hill Resources Ltd. by 18%, valuing the Canadian-listed company at US$3.1 billion.

Under the latest proposal accepting Turquoise Hill Resources shareholders will get 40 Canadian dollars (US$30.87) for each share held, up from Rio's previous offer of $34 a share, which was rejected by the Canadian Company.

Turquoise Hill, which is 51%-owned by Rio Tinto, has a 66% interest in the Oyu Tolgoi copper-gold mine in Mongolia.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

August 24, 2022 09:10 ET (13:10 GMT)

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