Rio Tinto Offers $2.7 Billion for Remaining Stake in Turquoise Hill

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Rio Tinto


RIO -2.85%

PLC offered to pay roughly $2.7 billion to buy out minority shareholders in Canada’s

Turquoise Hill


TRQ -2.52%

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.

Rio Tinto Chief Executive

Jakob Stausholm

said a takeover of Turquoise Hill would strengthen the company’s copper portfolio.

Turquoise Hill controls Oyu Tolgoi, a…

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