Rio Tinto agrees revisions to funding arrangements with Turquoise Hill Resources
19 May 2022 - 8:27AM
Business Wire
Rio Tinto has agreed to amend the previously agreed funding plan
with Turquoise Hill Resources (TRQ) (9 April, 2021) in order to
provide liquidity of up to $400 million in short-term early
advances, while the Special Committee of TRQ evaluates Rio Tinto’s
C$34 per share all-cash proposal to acquire the approximately 49%
of the issued and outstanding shares of TRQ that Rio Tinto does not
currently own.
Subject to the satisfaction of certain minimum liquidity and
other conditions, the early advances will be available at any time
up to their maturity on 31 December, 2022, and enable TRQ to fund
the ongoing development of the Oyu Tolgoi (OT) Underground Project
in Mongolia. The deadline in the previously agreed funding plan for
Turquoise Hill to conduct an initial equity offering of at least
$650 million has also been extended from the end of August 2022 to
the end of 2022.
Rio Tinto Canadian early warning disclosure
Rio Tinto currently beneficially owns 102,196,643 common shares
of Turquoise Hill, representing approximately 51% of the issued and
outstanding common shares of Turquoise Hill. Rio Tinto also has
anti-dilution rights that permit it to acquire additional
securities of Turquoise Hill so as to maintain its proportionate
equity interest in Turquoise Hill from time to time.
This announcement is authorised for release to the market by,
and a copy of the related early warning report may be obtained
from, Rio Tinto’s Group Company Secretary.
The head office of Turquoise Hill is located at 1 Place
Ville-Marie, Suite 3680, Montreal, Quebec, Canada H3B 3P2.
Additional disclosures
This press release does not constitute an offer to buy or sell
or the solicitation of an offer to sell or buy any securities. Any
offers, solicitations or offers to buy, or any sales of securities
will be made in accordance with registration and other requirements
under applicable law.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. All statements other than statements of historical facts
included in this release, are forward-looking statements. 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. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Among the
factors that could cause actual results to differ materially
include, but are not limited to, those relating to whether any
agreement will be executed, or whether this or any other
transaction will be consummated. Rio Tinto expressly disclaims any
obligation or undertaking (except as required by applicable law,
the UK Listing Rules, the Disclosure Guidance and Transparency
Rules of the Financial Conduct Authority and the Listing Rules of
the Australian Securities Exchange) to release publicly any updates
or revisions to any forward-looking statement contained herein to
reflect any change in its expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based. All information provided in this press release,
including the forward-looking statements herein, speak only as of
the date of this press release.
The person responsible for arranging the release of this
announcement on behalf of Rio Tinto plc is Steve Allen, Group
Company Secretary.
LEI: 213800YOEO5OQ72G2R82
Classification: 3.1 Additional regulated information required to
be disclosed under the laws of a Member State.
This announcement is authorised for release to the market by
Steve Allen, Rio Tinto’s Group Company Secretary.
riotinto.com
Category: General
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Category: General
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