Rio Tinto said today that is has completed its acquisition of Turquoise Hill Resources for about $3.1 billion.
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.