Rio Tinto: Turquoise Hill Needs an Additional $3.6 Billion Over Next Two Years
26 October 2022 - 05:03AM
Dow Jones News
By Kyle Morris
Rio Tinto PLC said in an open letter to shareholders Tuesday
that over the next two years Turquoise Hill will need an additional
$3.6 billion in funding to unlock the long-term potential of the
Oyu Tolgoi copper and gold project in Mongolia.
The company said its bid for Turquoise Hill of $43 Canadian
dollars ($31.38) in cash a share is its best and final offer. It
said its proposal fully values the long term potential of Oyu
Tolgoi and Turquoise Hill.
If the proposal isn't accepted, Turquoise Hill will need to
contribute at least $1.1 billion in the first half of 2023, via new
equity through placings or rights issues, Rio Tinto said.
Write to Kyle Morris at kyle.morris@dowjones.com
(END) Dow Jones Newswires
October 25, 2022 13:48 ET (17:48 GMT)
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