Rio Tinto rumours boost value of Oyu Tolgoi

Mongolia’s vast copper-gold project remains stuck in a rut despite rumours that Rio Tinto is closing in on a takeover of the main project company, Turquoise Hill.
Oyu Tolgoi
Oyu Tolgoi

Rumours that British-Australian mining giant Rio Tinto is considering a takeover of Mongolian miner Turquoise Hill are putting pressure on it to make a definitive statement.

Rio owns 50.8% of the Canadian-listed project company which in turn owns 66% of the $6 billion Oyu Tolgoi gold and copper project and in early March was widely reported to be considering an offer for the remainder of the company. Shares in Turquoise Hill rose 20% during the week of March 3.

Such excitement is understandable Oyu Tolgoi is the world’s biggest undeveloped copper-gold project and sits just 80 kilometres from the border with China, the world’s biggest buyer of...

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