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Rio Tinto Proposes To Buy Full Ownership Of Turquoise Hill

Rio Tinto plc (RTPPF.PK,RIO.L,RIO,RTNTF.PK), on Monday, announced that has made a non-binding proposal to the Turquoise Hill Board to acquire about 49% of the issued and outstanding shares of Turquoise Hill that Rio Tinto does not currently own.

As per the the terms of the proposed transaction, Turquoise Hill minority shareholders would receive C$34 in cash per Turquoise Hill share, representing a premium of 32% to Turquoise Hill's last closing share price on the Toronto Stock Exchange. This proposal would value the Turquoise Hill minority share capital at about US$2.7 billion.

If the proposed transaction is successful Rio Tinto would hold a 66% interest in Oyu Tolgoi with the remaining 34% owned by Mongolia.

Rio Tinto Chief Executive Jakob Stausholm said, "Rio Tinto strongly believes in the long-term success of Oyu Tolgoi and Mongolia, and delivering for all stakeholders over the long-term. That is why we want to increase our interest in Oyu Tolgoi, simplify the ownership structure, and further strengthen Rio Tinto's copper portfolio. We believe the terms of proposal are compelling for Turquoise Hill shareholders."

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