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Turquoise Hill Acknowledges Receipt Of Improved Non-binding Proposal From Rio Tinto

Turquoise Hill Resources Ltd. (TRQ,TRQ.TO) acknowledged the receipt of an improved non-binding proposal from Rio Tinto International Holdings Ltd., to acquire all of the outstanding common shares of the Company it does not own for cash consideration of C$40 per share.

Rio Tinto has stated that the New Rio Tinto Proposal is conditional on, among other things, Turquoise Hill not raising additional equity capital.

Turquoise Hill said its shareholders do not need to take any action with respect to the
proposal at this time.

Earlier today, Anglo-Australian metals and mining firm Rio Tinto said it submitted an improved non-binding proposal of C$40 in cash per share to the Turquoise Hill Resources Board to acquire the approximately 49% of the issued and outstanding shares of Canadian copper mine giant Turquoise Hill that Rio Tinto does not currently own.

The sweetened offer values the Turquoise Hill minority share capital at approximately $3.1 billion and represents an 18% premium to Rio Tinto's initial proposal of C$34 per share and a 56% premium to Turquoise Hill's closing share price on the Toronto Stock Exchange on March 11, 2022, the day prior to Rio Tinto's initial proposal.

In mid-March, Rio Tinto made a non-binding proposal worth C$34 per share or $2.7 billion in cash 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. The offer was rejected in mid-August with Turquoise Hill saying Rio's offer does not fairly reflect the fundamental and long-term strategic value of the company.

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