- Write by:
-
Friday, September 2, 2022 - 17:02:02
-
521 Visit
-
Print
Mining News Pro - A minority shareholder of Turquoise Hill Resources Ltd said on Friday it does not support Rio Tinto’s latest sweetened offer to buy the rest of the Canadian miner for $3.3 billion.
Mining giant Rio Tinto, which owns a majority stake in Turquoise Hill, on Thursday reached an in-principle agreement to buy a 49% stake in Turquoise Hill for C$43 per share.
California-based SailingStone Capital Partners, which owns a 2.16% stake in Turquoise Hill, said the cash offer for the stake does not “adequately compensate” minority shareholders for their economic interest in Oyu Tolgoi.
The Oyu Tolgoi project, located south of Mongolia’s capital Ulaanbaatar, is the world’s largest known copper and gold deposit.
The deal to buy the remaining stake in Turquoise Hill would give Rio Tinto a 66% stake in the Oyu Tolgoi project, with the remaining 34% owned by the Mongolian government.
“Rio Tinto holds its interest in Turquoise Hill on the Rio balance sheet at $41 per share, the equivalent of C$56 per share at current exchange rates and a more than 30% premium to the revised offer,” SailingStone said.
“As large, long-term holders of Turquoise Hill, we are not interested in selling our stake at a massive discount to intrinsic value.”
Private investment firm Pentwater Capital Management, a Turquoise Hill shareholder with a 10% stake, did not immediately respond to a Reuters request for comment on the latest offer from Rio Tinto.
Pentwater had previously rejected Rio’s initial offer of C$34 per share made in mid-March.
Short Link:
https://www.miningnews.ir/En/News/622099
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Chile President Gabriel Boric said on Thursday he is targeting an increase in the country’s annual copper output by 1 ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Australian Strategic Materials ASM.AX said on Friday it has received a non-binding letter of interest for a debt funding ...
Copper miner Antofagasta Plc is holding meetings with investors this week for its first dollar bond offering in nearly ...
Australian miner Lynas posted a slump in third-quarter sales revenue on Wednesday, missing analyst expectations on the ...
Copper needs to reach $12,000 a ton — a 20% jump from this week’s high — to incentivize large-scale investments in new ...
Newmont Corp beat Wall Street estimates for first-quarter profit on Thursday, as the world’s largest gold miner ...
No comments have been posted yet ...