Rio Tinto Offers $2.7 Billion for Remaining Stake in Turquoise Hill
Rio Tinto PLC offered to pay roughly $2.7 billion to buy out minority shareholders in Canada’s Turquoise Hill Resources Ltd., which controls a giant copper-mining operation in Mongolia, a bet on copper being in high demand.
Rio Tinto’s proposal to take over the company in which it owns about 51% comes as commodity prices are running hot, fanned by concerns that Russia’s invasion of Ukraine could disrupt supplies. Russia is an important producer and exporter of a number of commodities, including copper, whose price is close to record highs.
