#business Rio Tinto steps up efforts to take control of Mongolian copper mine

#business Rio Tinto steps up efforts to take control of Mongolian copper mine

#enterprise Rio Tinto steps up efforts to take control of Mongolian copper mine

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Rio Tinto raises its provide in bid to take over Mongolian copper mine after earlier bid was rebuffed

Rio Tinto has stepped up its efforts to take control of an enormous Mongolian copper mine after a earlier bid was rejected.

The miner has provided £2.6billion to purchase the 49 per cent share it doesn’t already personal in Turquoise Hill Resources, the agency with a controlling stake within the Oyu Tolgoi mission within the Gobi desert.

In March Rio provided £2.3billion however that was slapped down by a committee of administrators representing different Turquoise buyers.

Fresh offer: Rio Tinto has offered £2.6bn to buy the 49% share it does not already own in Turquoise Hill Resources, which holds a controlling stake in the Oyu Tolgoi project (pictured)

Fresh provide: Rio Tinto has provided £2.6bn to purchase the 49% share it doesn’t already personal in Turquoise Hill Resources, which holds a controlling stake within the Oyu Tolgoi mission (pictured)

‘Rio Tinto believes this offer not only provides full and fair value for Turquoise Hill shareholders, but is in the best interests of all stakeholders,’ mentioned chief government Jakob Stausholm. 

Rio operates the mine however doesn’t have direct possession of it

Instead, it holds a 51 per cent stake in Turquoise Hill, which itself owns 66 per cent of the mine whereas the rest is managed by the Mongolian authorities. 

Oyu Tolgoi is important for Rio because it appears to mine extra metals utilized in low-carbon know-how and shift away from iron ore, a key steelmaking ingredient which generates most of its income.

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