Rio to Proceed With $2.4 Billion Rights Offer for Mongolia Mine
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Turquoise Hill Resources Ltd., the Rio Tinto Group unit that operates the Oyu Tolgoi copper mine in Mongolia, will proceed with a $2.4 billion rights offer to repay credit facilities.
Investors will get one right for each Turquoise Hill share, entitling them to buy another share for either $2.40 or C$2.53, the Vancouver-based company said yesterday in a statement. That represents a discount of 42 percent to Nov. 25 closing prices in New York and Toronto respectively.