Rio’s offer doesn’t “fairly reflect the fundamental and long-term strategic value of the company’s majority ownership of the Oyu Tolgoi project,” Turquoise Hill said Monday, after appointing a special committee to review the bid. Shares of the Canadian miner had their biggest drop in more than eight months.
Rio said in a statement that it was disappointed by the decision of the special committee and reiterated its proposal to buy Turquoise Hill. The offer would deliver “compelling value” for minority investors. Copper equities have shed about 27% over the period since the bid was announced and are now trading within a 5% valuation range to Turquoise Hill, Morgan Stanley analysts including Alain Gabriel said Monday in a note.Rio is also looking to increase its exposure to so-called future facing commodities, the natural resources such as copper and nickel that are key for the green energy transition. Taking a big stake in the Oyu Tolgoi mine was an obvious way to achieve that goal.
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