REG - Rio Tinto - Rio Tinto completes acquisition of Turquoise Hill

Rio TintoAnnouncement

16/12/2022 07:16

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RNS Number : 9758J  Rio Tinto PLC  16 December 2022

Rio Tinto completes acquisition of Turquoise Hill

 

Rio Tinto has completed its acquisition of Turquoise Hill Resources Ltd (TSX:
TRQ) (NYSE: TRQ) ("Turquoise Hill") for a consideration of approximately $3.1
billion(( 1 )), simplifying its ownership of the world-class Oyu Tolgoi mine
in Mongolia, significantly strengthening Rio Tinto's copper portfolio, and
demonstrating its long-term commitment to the project and Mongolia.

 

Rio Tinto now holds a 66% direct interest in the Oyu Tolgoi project with the
remaining 34% owned by the Government of Mongolia through Erdenes Oyu Tolgoi.
The transaction closed following approval from the Yukon court in Canada and
the majority of TRQ minority shareholders supporting the deal.

 

Rio Tinto Chief Executive Jakob Stausholm said "Oyu Tolgoi is an outstanding
asset with incredible people that will deliver significant long-term value for
Rio Tinto and Mongolia.

 

"I would like to acknowledge the Turquoise Hill Board and management, under
the leadership of Peter Gillin and Steve Thibeault, for their considerable
effort and support over the years, working in partnership with Rio Tinto and
the Government of Mongolia in developing Oyu Tolgoi into a world-class mine. I
would like to offer my best wishes to each of them for the future."

 

Rio Tinto Copper Chief Executive Bold Baatar said "This acquisition further
strengthens our copper portfolio, as part of our strategy to grow in materials
the world needs for achieving net zero and delivering long-term value for our
shareholders. We now have a simpler and more efficient ownership and
governance structure, with our partner the Government of Mongolia, as we
proceed together towards sustainable production from the underground mine."

 

Turquoise Hill has become a wholly owned subsidiary of Rio Tinto and Turquoise
Hill shares will cease trading.

 

Additional disclosures

 

This press release does not constitute an offer to buy or sell or the
solicitation of an offer to sell or buy any securities. Any offers,
solicitations or offers to buy, or any sales of securities will be made in
accordance with registration and other requirements under applicable law.

 

Forward-Looking Statements

 

This press release includes "forward-looking statements" within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical facts included in this release, are
forward-looking statements. The words "intend", "forecast", "project",
"anticipate", "estimate", "plan", "believes", "expects", "may", "should",
"will", "target", "pursue", "seek" or similar expressions, commonly identify
such forward-looking statements. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause actual
results, performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Rio Tinto expressly disclaims any obligation or
undertaking (except as required by applicable law, the UK Listing Rules, the
Disclosure Guidance and Transparency Rules of the Financial Conduct Authority
and the Listing Rules of the Australian Securities Exchange) to release
publicly any updates or revisions to any forward-looking statement contained
herein to reflect any change in its expectations with regard thereto or any
change in events, conditions or circumstances on which any such statement is
based. All information provided in this press release, including the
forward-looking statements herein, speak only as of the date of this press
release.

 

The person responsible for arranging and authorising the release of this
announcement on behalf of Rio Tinto is Steve Allen, Group Company Secretary.

 

LEI: 213800YOEO5OQ72G2R82

 

 

 

 Contacts  Please direct all enquiries to media.enquiries@riotinto.com

 

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 Clare Peever

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 1  Based on a value of C$43.00 per share and a USD/CAD FX rate of 1.3618 as
of 15 December 2022.

 

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