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Turquoise Hill Shareholders Back Rio Tinto’s $3.1 Billion Takeover

  • Almost 61% of voting minority investors back takeover deal
  • Rio Tinto set to gain control of Mongolian copper project
The Oyu Tolgoi mine in Khanbogd, Mongolia.

The Oyu Tolgoi mine in Khanbogd, Mongolia.

Photographer: Taylor Weidman/Bloomberg

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Turquoise Hill Resources Ltd. shareholders endorsed a C$4.24 billion ($3.1 billion) takeover offer by Rio Tinto Group, paving the way for the London-based miner to gain control of one of the world’s largest copper mines.

About 60.5% of Turquoise Hill’s minority investors voted in favor of Rio’s C$43-a-share cash offer, the Canadian company said following a shareholders’ meeting in Montreal on Friday. The result clears the way for Rio Tinto to take over Turquoise Hill and gain majority ownership in its massive Oyu Tolgoi project in Mongolia, which is expected to become the world’s fourth-largest copper mine.