Metals

Canadian miner Turquoise Hill to get $400m debt funding from Rio Tinto

CBCIE Time:May 20, 2022 11:54 Source:nsenergybusiness

Turquoise Hill Resources is set to get an interim debt funding of up to $400m from Rio Tinto to meet its estimated funding requirements in the near term.

The parties have also agreed to extend the date by which Turquoise Hill has to raise additional equity capital of $650m between end-August and the end of this year.

In March this year, Rio Tinto made a non-binding offer to acquire the nearly 49% stake it did not own already in Turquoise Hill in a deal worth around $2.7bn. In response to the bid, the latter’s board of directors formed a special committee of independent directors to review and consider it.

The special committee is responsible for considering Turquoise Hill’s liquidity needs and financing options pending its consideration of the proposal from Rio Tinto.

Rio Tinto had put a condition in its proposal that Turquoise Hill should not raise additional equity capital. In this connection, Rio Tinto invited Turquoise Hill to propose terms for an interim funding facility that would meet the latter’s funding requirements pending the consideration of the takeover proposal.

Turquoise Hill stated: “The Proposal remains non-binding in nature. There can be no assurance that a transaction will result from the Proposal, and, if a transaction does result, whether and when such transaction will be completed or on what terms.”

Based in Canada, Turquoise Hill has a stake of 66% in the Oyu Tolgoi copper-gold mine in Mongolia. It is partnered by Mongolian state-owned Erdenes Oyu Tolgoi in the copper-gold mine.

According to Rio Tinto, its interim debt funding will help in funding the ongoing development of the Oyu Tolgoi underground project.

All articles, pictures, reports and other original works on the website that are attributed to CBCIE are non-public information, only for members. No one may reproduce or otherwise use the original content of this website without our permission. If you need to use it, please call
+86 18135172048 to apply for authorisation. CBCIE reserves the right to pursue any infringement and citation contrary to the original intent.

Disclaimer:CBCIE is committed to building a comprehensive and authoritative metal information platform, and strives to provide a full range of data and information services and decision-making support for metal industry researchers and practitioners. However, the information on this website is for reference only and is not intended as direct advice for investors' decision-making. Any investment, purchase, sale or operation based on the information on this website should be at your own risk and is not related to CBCIE.

CBC Copper Product Navigation

Key Products

Copper Concentrate

Copper Powder

Copper Tube

Copper Rod

Copper Strip

Reference Quotation

Copper Customs Import and Export

Contact us

Contact us for more CBC information and services.

Get in touch
CBC专家咨询 关闭
close
WeCom

CS Manager:
Zizhen Zhang

+86 18135172048