The British-Australian mining group Rio Tinto follows up on its bid for the complete takeover of the Canadian mining company Turquoise Hill Resources. The company is offering around $3.1 billion for the remaining 49 percent stake, Rio Tinto announced on Wednesday. Turquoise Hill’s stock soared 23 percent on the Toronto Stock Exchange.
Turquoise Hill rejected an earlier offer because it said it did not reflect the full and fair value of the Canadian company. In mid-March, the mining giant bid $2.7 billion to clear the way for direct ownership of the large Oyu Tolgoi copper-gold mining project in Mongolia.
Rio currently controls and operates the mine, which is located 550 kilometers south of the Mongolian capital of Ulaanbaatar and is one of the largest known copper and gold deposits in the world. Turquoise Hill owns a 66 percent stake in the mine, with the remaining 34 percent owned by the Mongolian government.