Turquoise Hill Shares Surged More Than 30% in Premarket Trading
Tiger Newspress2022-03-14
Turquoise Hill shares surged more than 30% in premarket trading.
Rio Tinto Group is offering to pay $2.7 billion to buy out minorities in Turquoise Hill Resources Ltd., which holds a majority stake in the giant Mongolian copper project Oyu Tolgoi.
Rio has offered C$34 ($26.60) a share in cash for about 49% of Turquoise Hill, the mining company said in a statement on Monday.
Rio will start work on a long-delayed $6.9 billion underground expansion of its giant Oyu Tolgoi copper operation, after sealing a deal in January that waives debt owed by the Mongolian government to the troubled project.
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