Rio Tinto to acquire Turquoise Hill

Rio Tinto has agreed to purchase international mining company Turquoise Hill Resources Ltd.

Turquoise owns 66% of a copper-gold mine in Oyu Tolgoi, southern Mongolia. It is expected upon completion to produce 450,000 tonnes of copper annually.

“This transaction will simplify governance, improve efficiency and create greater certainty of funding for the long-term success of the Oyu Tolgoi project,” said chief executive Jakob Stausholm.